Mumbai Leads Ultra-Luxury Home Boom: 7,500 Crore in 3 Years

• INR 7,500 crore invested in ultra-luxury homes, with half (INR 3,652 crore) in 2024 alone.
  
  
• Four ultra-luxury home sales in the first two months of 2025, totaling INR 850 crore.
  
  
• Out of 49 homes sold above INR 100 crore, Mumbai comprised 69% share.
  
  
• Apartments now dominate ultra-luxury segment (65% of deals) over bungalows (35%).
  
  
• Majority of transactions priced between INR 100-200 crore.

MUMBAI, 29 MARCH 2025: In a testament to India's burgeoning luxury real estate market, there has been an unprecedented surge in ultra-luxury* residential sales. Over the past three years, a staggering 49 ultra luxury homes, each commanding a price tag of INR 100 crore or more, have changed hands in the country's premier metropolitan hubs of Mumbai and Delhi NCR. This elite segment of homebuyers has collectively invested INR 7,500 crore in these opulent dwellings, with half of these transactions—totalling INR 3,652 crore—occurring in 2024 alone. 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 INR 850 crore. 
 

“Unlike past perceptions, independent houses such as bungalows and villas are no longer the only assets synonymous with a trophy residential abode. With magnificent apartments boasting of exclusive resort like amenities and privacy, sky is the limit when it comes to redefining luxury living. Such high-rise apartments offer an exclusive residential experience in this niche segment. As per our analysis, apartments costing INR 100 crore and above comprised 65% share of the total number of deals closed in the past three years; bungalows constituted the remaining 35% share. Majority of these ultra luxury homes were priced in the range of INR 100 – 200 Crore. However, a handful of properties were transacted above this price bracket and were priced between INR 200 - 500 crore too” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL. 

Source: JLL Research

“While 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. These two cities are termed as the financial and political capital of India respectively, and the crème de la crème of domestic High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs) are based out of these markets. Homebuyers in the INR 100 crore and above bracket comprise C-suite of large business conglomerates, actors and founders of new startups. Of these 49 homes sold during the last 3 years, Mumbai comprised 69% 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 Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head - Residential Services, India, JLL.

Source: JLL Research

Of all the apartments sold in the INR 100 crore and above price bracket in the past 3 years, majority were in the size range of 10,000 - 16,000 sq. ft (super built-up area). As per various market estimates, the number of billionaires in India has grown significantly in 2024 as compared to 2023. Of late, India’s growing number of wealthy individuals are actively picking up these properties. Going forward, the demand for these limited number of units is likely to remain steady as more realty players are getting into developing such prestigious homes. 

JLL is India’s premier and largest professional services firm specialising in real estate. The Firm has grown from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi, and Coimbatore) and over 130 tier-II and III markets with a cumulative strength of over 16,000 professionals. The Firm provides investors, developers, local corporates, and multinational companies with a comprehensive range of services. These include leasing, capital markets, research & advisory, transaction management, project development, facility management and property & asset management. These services cover various asset classes such as commercial, industrial, warehouse and logistics, data centres, residential, retail, hospitality, healthcare, senior living, and education. For further information, please visit jll.co.in