Ultra-luxury homes, priced more than Rs 40 crore each, have seen an unprecedented bull-run in 2023, with both the number of sales and sales value of such assets hitting new heights. According to the latest ANAROCK Research data, year 2023 has seen a staggering 247 per cent yearly surge to date in terms of total sales value of ultra-luxury homes against the whole of 2022.
Anuj Puri, chairman at ANAROCK Group, said, "A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date, for a collective sales value of about Rs 4,063 crore. In contrast, the whole of 2022 saw a total of 13 ultra-luxury homes sold in these cities for a total sales value of about Rs 1,170 crore. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over."
According to Puri, demand for both luxury and ultra-luxury properties has surged since the pandemic, with HNIs and ultra-HNIs buying such homes for investment, personal use, or both. "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. Not surprisingly, leading Grade A developers have also been scaling up their new supply in the ultra-luxury category. Among wealthy Indians, there is a very distinct FOMO aspect to securing the most desirable options before someone else does," he said.
Of at least 58 ultra-luxury properties sold across the top 7 cities in 2023 so far, Mumbai alone sold 53 units priced over Rs 40 crore each, a 91 per cent share of the total deals across the top cities. At least four separate ultra-luxury home deals worth more than Rs 40 crore each were closed in Delhi-NCR - two apartments in Gurugram and two bungalows in New Delhi. Hyderabad witnessed one residential deal worth Rs 40 crore at Jubilee Hills.
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More than Rs 40 crore homes sold |
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No. of Homes Sold |
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Year |
Apartment |
Bungalow |
Grand Total |
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2022 |
10 |
3 |
13 |
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2023 |
53 |
5 |
58 |
Source: ANAROCK Research