Ultra luxury homes demand at new peak in 2024 with sales of 59 units for ₹4,754 crore: Anarock

Demand for super luxury homes, each prices above ₹40 crore, hit an all time high in 2024 with sales of 59 units for ₹4,754 crore across top seven primary and secondary housing markets, according to Anarock.

Real estate consultant Anarock data showed that ultra-luxury homes (priced above ₹40 crore each) continued to sell briskly in 2024, despite rising prices.

Anarock tracks seven major cities -- Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, Hyderabad, Pune, Chennai and Kolkata.

The number of sales as well as the sales value of such assets hit new peaks, it added.

Anarock Chairman Anuj Puri said, "Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of approx. ₹4,754 crore."

Out of the total 59 units sold, there were 53 apartments and 6 villas.

In contrast, he said the year 2023 saw 58 ultra-luxury homes (53 apartments and 5 villas) sold in these cities for a total sales value of ₹4,063 crore.

"The yearly increase in both the number of deals and their overall sales value underscores the enduring demand for ultra-luxury properties across the top cities," Puri said.

Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai saw 52 units sold at price tags of over INR 40 crore each, followed by three in Delhi-NCR. Both Bengaluru and Hyderabad saw two deals each.

"HNIs (High-net-worth Individual) and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both," said Puri.

This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust buyer demand, he added.

"Although there was only a one-unit increase in the number of transactions closed in 2024 compared to 2023, there was a 17% annual increase in value during the same period. Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand," Puri said.