In the year 2023, a nearly 250% yearly surge in terms of the total sales value of ultra-luxury homes against the whole of 2022 has been witnessed in India, data from property consulting firm ANAROCK shows.

Ultra-luxury homes which are priced over Rs 40 crore each, have had an unprecedented bull run in 2023, with both the number of sales and sales value of such assets hitting new peaks.

“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 approx 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 approximately Rs 1,170 crore. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over,” said Anuj Puri, Chairman, ANAROCK Group.

Mumbai alone sold 53 units priced over Rs 40 crore each, a 91% 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 with two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad witnessed one residential deal in excess of Rs 40 crore at Jubilee Hills, the data said.

Of the 53 deals in Mumbai city, four were for price tags above Rs 200 crore and seven deals were closed for between Rs 100 and Rs 200 crore each. At least two ultra-luxury homes in Delhi-NCR were sold for above Rs 100 crore.

The data highlighted that the apartments remained the preferred property type for high net worth individuals. Of the 58 deals, 53 were for apartments and the remaining five for bungalows. A majority of ultra-luxury sales were by businessmen, only 5% by Bollywood celebrities.

At least 79% of the total deals were concluded by businessmen, and 16% by senior professionals from across various sectors. Politicians and Bollywood celebrities accounted for the remaining 5%.

Experts said the surge in new opportunities in various sectors like global manufacturing in India, rising exports and a robust startup ecosystem has strengthened economic momentum and contributed to wealth creation in the country.

This led to an increase in the number of wealthy individuals in India, with the noteworthy trend of a declining average age among billionaires.

Speaking on the development, Ashwin Chadha, CEO, India Sotheby’s International Realty, said, “The emerging generation of young and affluent individuals are investing their wealth in ultra-luxury properties. Even celebrities like Alia Bhatt and Suhana Khan have invested in flats and farmland respectively.”

“Subsequently, old and traditional business families are showing a willingness to invest in expansive ultra-luxury properties, resulting in a notable uptick in both demand and transactions within this segment,” he added.

Clearly, the Covid-19 pandemic unleashed a demand storm for the luxury and ultra-luxury homes segments.

For the collective data of 2022 and 2023 till date, 71 ultra-luxury residential deals worth approximately Rs 5,233 crore were closed in the top seven cities.

Of the 13 deals worth approximately Rs 1,170 crore closed in 2022, at least 10 deals were for apartments and the remaining three for bungalows. Mumbai accounts for 11 deals and the remaining two were closed in Delhi-NCR. Interestingly, none of the remaining 5 top cities saw such large ticket-value deals in 2022, the data revealed.

Data gathered from NCR-based brokers revealed that an apartment spanning 10,000 square feet within DLF’s super luxury project, The Camellias, situated at DLF Golf  Course Road in Gurgaon, was sold for approximately Rs 114 crore.

Two other ultra-luxury projects on the DLF Golf Course Road have also witnessed an escalation in prices. The Aralias is now re-trading in the market for Rs 27 crore starting size and monthly rentals here begin at Rs 5.5 lakh while the flats at The Magnolias are now selling for Rs 35 crore in the secondary market. Monthly rentals are approximately Rs 7-7.5 lakh.