Sep 10, 2024
By: Prerna Tyagi
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A recent research by ANAROCK stated that the demand for luxury and ultra-luxury homes has been scaling ever-rising heights since the pandemic. Here are some of the highlights of the insightful report:
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Ultra-luxury homes priced above ₹40 crore hit ₹2,443 crore in sales across Mumbai, Hyderabad, Gurugram, and Bengaluru within the first eight months of 2024.
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Mumbai led with 21 of the 25 ultra-luxury home sales, contributing ₹2,200 crore—84% of the total sales. Prime areas like South Central Mumbai, Bandra, and Juhu saw the biggest deals.
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The average price of ultra-luxury homes priced over ₹40 crore rose by 2%, while homes above ₹100 crore witnessed a sharp 14% increase in price, showing immense demand.
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Apart from Mumbai, Hyderabad registered two deals worth ₹80 crore, Gurugram saw one sale at ₹95 crore, and Bengaluru closed a deal worth a whopping ₹67.5 crore!
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Around 80% of the ultra-luxury sales in 2024 were concluded by businessmen, while senior professionals, celebrities, and high-profile individuals accounted for the remaining 20%.
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With 61 deals worth ₹4,456 crore closed in 2023, the ultra-luxury home market continues its upward trend, and 2024 is expected to surpass last year’s figures.
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Of the 25 homes sold, 20 were high-rise luxury apartments, accounting for ₹1,694 crore in sales, while five independent bungalows contributed ₹748.5 crore.
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Ultra-luxury home sales show no signs of slowing down, with Mumbai leading the charge and other cities catching up. High-net-worth buyers are driving the demand for premium properties across india.
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