In Top Four Cities Ultra-luxury Homes Valued Rs 2,443 Crore Sold in 2024

                A total of 25 ultra-luxury homes priced more 
than ₹40 crore were sold in Mumbai, 
Hyderabad, Gurugram and Bengaluru in the 
first eight months of 2024 for a collective sales 
value of 
approximately ₹2,443 core, Anarock data 
showed.
Of the 25 ultra-luxury properties sold across 
the top cities in 2024 so far, Mumbai alone 
sold 21 units collectively worth ₹2,200 crore - 
an 84% share of the total deals in this segment 
across the top cities. At least two separate 
ultra-luxury home deals collectively worth ₹80 
crore were closed in Hyderabad’s Jubilee Hills. 
Gurugram in NCR witnessed one ultra-luxury 
home sold for ₹95 crore, while Bengaluru also 
closed one deal worth ₹67.5 crore.
Of the 25 deals closed across cities this year, 
nine were of large ticket sizes worth over ₹100 
crore each, and a collective sales value of 
₹1,534 crore. Contrastingly, the whole of 2023 
saw 10 such large deals for a collective sales 
value of ₹1,720 crore, the data showed.
Apartments remained the preferred property 
type for HNIs. Out of the total 25 deals, 20 
were for apartments and the remaining five for 
bungalows. Of the total of 25 ultra-luxury 
homes 
sold in 2024 so far, at least 20 were high-rise 
apartments worth approximately ₹1,694 crore. 
The remaining five sales were of bungalows 
cumulatively worth about ₹748.5 crore.
At least 80% of the total deals were concluded 
by businessmen, and 12% by senior 
professionals from across various sectors. 
Bollywood celebrities and leading legal and 
medical 
professionals accounted for the remaining 8%.
Amid the rise in demand for ultra-luxury trophy 
homes in the last two years, Mumbai tops the 
list of cities with maximum sales of such 
properties, despite it being by far the most 
expensive residential market in India. The 
financial capital unfailingly attracts HNIs and 
ultra-HNIs who buy ultra-luxury homes for 
investment, personal use, or both.
Of the total 25 deals, at least nine deals in 
2024 were worth more than ₹100 crore each. 
All these were transacted in Mumbai - seven in 
South Central Mumbai and two in Bandra and 
Juhu, the data showed.
Price of ₹100 crore homes increases by 14%
The average prices of more than ₹40 crore 
homes witnessed a 2% jump in the last eight 
months while the average price of homes in 
the more than ₹100 crore bracket witnessed a 
14% increase in the period, it showed.
The average ticket price of homes priced more 
than ₹40 crore have witnessed a 2% rise in the 
last eight months – from ₹1,00,208 per sq. ft. 
in 2023 to ₹1,02,458 per sq. ft. in August 
2024. A deeper dive into the data reveals that 
homes priced more than ₹100 crore have seen 
a 14% price jump in the last eight months 
alone – from ₹1,24,697 per sq. ft. in 2023-end 
to ₹1,41,904 per sq. ft. in 2024 till date.
This double-digit price appreciation in this 
segment even before the year concludes 
stands testimony to the unrelenting appetite 
for trophy homes. Not surprisingly, leading 
Grade A 
developers have scaled up ultra-luxury homes 
supply in the last few years, the data showed.
“The whole of 2023 saw about 61 deals with a 
cumulative sales value of approximately 
₹4,456 crore in Mumbai, Hyderabad, and 
Gurugram. With four months remaining in 2024 
and 
the festive quarter from October to December 
ongoing, we are likely to see more such large 
ticket-size residential deals happening before 
the year is through,” said Anuj Puri, 
chairman – ANAROCK Group.


Source : Hindustan Times