Ultra-luxury home sales soar 3 times to Rs 4,063 cr in 7 Indian cities

New Delhi: Sales of ultra-luxury homes priced above Rs 40 crore have jumped over threefold to Rs 4,063 crore so far this year across seven major cities on strong demand from the super-rich, according to Anarock.

India's top seven major cities -- Delhi-NCR (National Capital Region), Mumbai-MMR (Mumbai Metropolitan Region), Chennai, Kolkata, Bengaluru, Hyderabad and Pune -- have witnessed sales of 58 units so far this year worth Rs 4,063 crore.

In the entire 2022 calendar year, 13 units valuing Rs 1,170 crore were sold, as per the data by real estate consultant Anarock released on Thursday.

"Demand for both luxury and ultra-luxury properties has surged since the pandemic, with HNIs (High Net Worth Individuals) and ultra-HNIs buying such homes for investment, personal use, or both," Anarock Chairman Anuj Puri said.

The upsurge in demand for ultra-luxury homes can also be traced to the reshuffling of HNI investment portfolios amid the anticipated volatility in the stock market due to the existing geopolitical tensions, he noted.

Of the 58 ultra-luxury properties sold across the top 7 cities in 2023 so far, Mumbai alone sold 53 units. At least four ultra-luxury home deals were closed in Delhi-NCR - two apartments in Gurugram and two bungalows in New Delhi.

Hyderabad witnessed one residential deal above Rs 40 crore at Jubilee Hills.

Of the 53 deals in Mumbai, at least 3 were for price tags above Rs 200 crore – incidentally, all three were closed by Anarock, the consultant said.

As many as seven deals were closed for between Rs 100 crore and Rs 200 crore each.

At least two ultra-luxury homes in Delhi-NCR were sold for above Rs 100 crore each.

Commenting on the report, Gurugram-based Krisumi Corporation MD Mohit Jain said, "In recent years, there has been a notable surge in the aspiration for home ownership across various income levels, driven largely by an improved economic landscape and a desire to elevate living standards."

Among affluent families and individuals, Jain said there is an apparent increase in the desire to acquire superior and more spacious homes than their peers.