Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The ultra-luxury real estate market, representing properties priced above INR 40 Crore, has witnessed a staggering 247% year-over-year increase in sales value in 2023. This remarkable surge in the luxury segment marks a significant deviation from the previous year's trends.
Mumbai, India's financial capital, has emerged as the prime location of this luxurious real estate boom. Out of at least 58 ultra-luxury properties sold in the top seven Indian cities this year, Mumbai accounted for a whopping 53 transactions, which is 91% of the total ultra-luxury real estate deals. These included at least three transactions exceeding INR 200 Crore, and seven between INR 100 - 200 Crore, all facilitated by ANAROCK, a prominent real estate consultancy.
Delhi-NCR also made its mark in this segment with notable sales, including two high-end apartments in Gurgaon and two extravagant bungalows in New Delhi, each surpassing the INR 40 Crore threshold. Additionally, Hyderabad witnessed a significant sale in Jubilee Hills, further underscoring the nationwide appeal of ultra-luxury properties.
Interestingly, apartments have been the preferred choice among High-Net-Worth Individuals (HNIs), as evidenced by the fact that 53 out of the 58 transactions involved apartments, while the remaining five were for bungalows. A majority of these buyers, approximately 79%, are businessmen, followed by 16% being senior professionals across various industries. The remaining 5% of buyers include politicians and Bollywood celebrities.
This upsurge in ultra-luxury real estate transactions is a direct consequence of the changing market dynamics post-COVID-19 pandemic, which has intensified the demand for luxury and ultra-luxury homes. When comparing the data from 2022 and 2023, it is evident that a total of 71 ultra-luxury residential deals, amounting to approximately INR 5,233 Crore, have been sealed in the top seven cities.
In contrast, 2022 witnessed 13 deals in this segment, cumulatively valued at around INR 1,170 Crore. Out of these, 10 were for apartments and 3 for bungalows, with 11 transactions in Mumbai and two in Delhi-NCR. It is noteworthy that the other five top cities did not experience such high-value deals in 2022. Of the transactions in 2022, nine were priced between INR 100 - 150 Crore and all of them were in Mumbai.
In conclusion, the year 2023 has proven to be a landmark year for India's ultra-luxury real estate market, particularly in Mumbai. The substantial increase in sales value reflects a robust post-pandemic recovery and a heightened demand for premium living spaces. This trend signifies not just a recovery but a remarkable transformation in the preferences and investment behaviours of India's affluent class.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy