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Ultra-Luxury Home Sales Soar in India’s Top Seven Cities

Sales of ultra-luxury homes in India’s top seven cities have reached a staggering ₹4,093 crore this year, tripling the amount from last year. Real estate consulting firm Anarock has revealed this data in a recent report. The cities included in the analysis are Delhi-NCR (National Capital Region), Mumbai-MMR (Mumbai Metropolitan Region), Chennai, Kolkata, Bangalore, Hyderabad, and Pune. A total of 58 units valued at ₹4,063 crore have been sold in these cities this year.

Anarock’s Findings

Anarock released figures on Thursday showing that 13 units were sold with a total value of ₹1,170 crore. Anuj Puri, Chairman of Anarock, noted that the demand for both luxury and ultra-luxury properties has surged since the pandemic. High Net Worth Individuals (HNIs) and ultra-HNIs are buying such homes for investment, personal use, or both.

Out of the 58 ultra-luxury properties sold in the top seven cities so far in 2023, Mumbai alone witnessed the sale of 53 units. Two apartments were sold in Gurugram, and two bungalows were sold in New Delhi. A residential deal worth over ₹40 crore took place in Jubilee Hills, Hyderabad.

Mohit Jain, Managing Director of Krisumi Corporation in Gurugram, commented on Anarock’s report, saying, “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.”

Mumbai Homes Sold for Over ₹200 Crore in Value

Out of the 53 ultra-luxury homes sold in Mumbai, three were priced at over ₹200 crore. In addition, seven deals were in the range of ₹100 to ₹200 crore. In Delhi, two homes were sold at prices exceeding ₹100 crore. This year, 12 homes were sold for over ₹100 crore. Among the homebuyers, 79% were businessmen, 16% were from different professions, and the remaining 5% included politicians and film personalities.

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Orginal article: Link To Article – provided by Kansas City Realtors