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This year, out of the 25 units sold, 20 were apartments | Photo: Shutterstock
As many as 88 out of a total of 99 (88.9 per cent) ultra-luxury homes sold in India since 2022 were in Mumbai alone, according to findings released by real estate consultancy Anarock on Thursday. These homes are priced at or above Rs 40 crore.
In 2024 so far, 25 of these homes have been sold in India at a value of Rs 2,443 crore. Of these, 21 were in Mumbai. One home was sold in Delhi NCR, two in Hyderabad, and one in Bengaluru.
“The financial capital unfailingly attracts HNIs and ultra-HNIs who buy ultra-luxury homes for investment, personal use, or both,” Anarock said.
The findings also revealed that in 2023, 61 ultra-luxury homes were sold in Mumbai, Hyderabad, and Gurugram, with a cumulative value of Rs 4,456 crore. As many as 56 of these were in Mumbai, four in Delhi NCR, and one in Hyderabad.
In 2022, 13 ultra-luxury homes were sold, with 11 of them in Mumbai and two in Delhi NCR.
Notably, the sale of these types of homes has only been witnessed in four Indian cities to date—Mumbai, Delhi NCR, Hyderabad, and Bengaluru. Pune, Chennai, and Kolkata, the remaining metro cities, did not see any sales in this price bracket.
The data also showed a strong preference for ultra-luxury apartments over bungalows. As many as 87.8 per cent of all ultra-luxury homes sold in the last three years were apartments, while the rest were bungalows.
This year, out of the 25 units sold, 20 were apartments.
The high demand for these ultra-luxury homes persists despite a 2 per cent rise in their average ticket prices, which have increased from Rs 100,208 per sq. ft. in 2023 to Rs 1,02,458 per sq. ft. in August 2024.
A higher appreciation has been seen in homes priced above Rs 100 crore.
“A deeper dive into the data reveals that homes priced at Rs 100 crore have seen a 14 per cent price jump in the last eight months alone – from Rs 124,697 per sq. ft. at the end of 2023 to Rs 141,904 per sq. ft. in 2024 to date,” said Anuj Puri, chairman of Anarock Group.
“This double-digit price appreciation in this segment, even before the year concludes, stands as testimony to the unrelenting appetite for trophy homes. Not surprisingly, leading Grade A developers have scaled up ultra-luxury home supply in the last few years,” he added.
In the coming months, on the back of the festive season, India is likely to see more such large ticket-size residential deals, according to Puri.
First Published: Sep 05 2024 | 2:57 PM IST
