Mumbai: India's ultra-luxury home market is soaring and in the last three years, 49 such homes -- each commanding a price tag of Rs 100 crore or more -- have been sold for Rs 7,500 years, a report showed on Saturday.
In a testament to India's burgeoning luxury real estate market, there has been an unprecedented surge in ultra-luxury residential sales and apartments now dominate the ultra-luxury segment over bungalows.
The momentum shows no signs of slowing, as the first two months of 2025 have already witnessed four ultra-luxury home sales, amassing a combined value of Rs 850 crore, according to a JLL report.
Unlike past perceptions, independent houses such as bungalows and villas are no longer the only assets synonymous with a trophy residential abode.
“As per our analysis, apartments costing Rs 100 crore and above comprised 65 per cent share of the total number of deals closed in the past three years; bungalows constituted the remaining 35 per cent share,” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
However, a handful of properties were transacted above this price bracket and were priced between Rs 200-Rs 500 crore too, Das informed.
While the appetite for premium residential properties continues to expand in many Indian cities, Mumbai and Delhi NCR rule the roost when it comes to the homebuyer profile suitable for these exclusive assets.
“Homebuyers in the Rs 100 crore and above bracket comprise C-suite of large business conglomerates, actors, and founders of new startups,” said Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head -Residential Services, India, JLL.
Of these 49 homes sold during the last 3 years, Mumbai comprised 69 per cent share followed by Delhi NCR. In Mumbai, Malabar Hill and Worli dominated the bulk of these transactions.
In Delhi NCR, such deals were not limited to the Lutyens Bungalow Zone (LBZ) alone.
Several high-rise apartment deals on Golf Course Road in Gurugram were also recorded,” said Krishnan.
Of all the apartments sold in the Rs 100 crore and above price bracket in the past three years, the majority were in the size range of 10,000-16,000 sq ft (super built-up area), said the report.
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