Ultra-Luxury Homes in Mumbai, Hyderabad, Gurugram, and Bengaluru See Record Sales in 2024
In 2024, the sale of ultra-luxury homes priced over Rs 40 crore has surged, with 25 homes sold across Mumbai, Hyderabad, Gurugram, and Bengaluru, generating Rs 2,443 crore. Mumbai led with 21 sales worth Rs 2,200 crore. High-net-worth individuals are driving this trend, with a notable increase in homes priced above Rs 100 crore. Businessmen, professionals, and celebrities are the primary buyers. The market for high-end properties remains strong, with more sales expected in the festive quarter.
Key Highlights
- Average price per sq. ft. for homes over Rs 40 crore rose by 2% in 2024.
- Mumbai accounted for 84% of all ultra-luxury home sales.
- High-net-worth individuals are the main buyers, purchasing for personal use or investment.
- Homes priced above Rs 100 crore saw a 14% price increase in 2024.
- Businessmen made up 80% of the buyers, followed by professionals and celebrities.
City-wise Breakdown
| City | Number of Sales | Total Value (Rs crore) |
|---|---|---|
| Mumbai | 21 | 2,200 |
| Hyderabad | 2 | 80 |
| Gurugram | 1 | 95 |
| Bengaluru | 1 | 67.5 |
With ultra-luxury home prices continuing to rise and demand remaining strong, the market for high-end properties is set to remain robust through the remainder of 2024 and beyond.
Doubts Revealed
Ultra-Luxury Homes -: These are very expensive and fancy houses that have many special features and are usually very big.
Mumbai -: Mumbai is a big city in India, also known as Bombay. It is the financial capital of the country.
Hyderabad -: Hyderabad is a city in India known for its technology industry and historical sites.
Gurugram -: Gurugram, also known as Gurgaon, is a city near Delhi in India, known for its modern buildings and business hubs.
Bengaluru -: Bengaluru, also known as Bangalore, is a city in India famous for its technology companies and pleasant weather.
Rs 40 crore -: Rs 40 crore means 40 crore rupees, which is a very large amount of money in India. One crore is equal to 10 million.
High-net-worth individuals -: These are people who have a lot of money and valuable things.
Rs 100 crore -: Rs 100 crore means 100 crore rupees, which is an even larger amount of money. It is equal to 1 billion rupees.
Businessmen -: These are people who run businesses and companies.
Professionals -: These are people who have special skills and jobs, like doctors, engineers, and lawyers.
Celebrities -: These are famous people, like movie stars, sports players, and singers.
Festive quarter -: This is the time of the year when many festivals happen in India, like Diwali and Christmas, and people often buy more things.