Surge in India's Ultra-Luxury Apartment Market

India's market for ultra-luxury residences has seen a remarkable rise, with 49 homes, each priced at Rs 100 crore or more, changing hands over the past three years, totaling a staggering Rs 7,500 crore in sales. This surge in the demand for high-end living spaces has shifted the dynamic of luxury real estate, with apartments now outpacing bungalows in preference. The trend's momentum is strong, as evidenced by the sale of four such homes in the first two months of 2025 alone, bringing in Rs 850 crore, as per a report by JLL. This signals a shift away from the traditional preference for bungalows and villas as the epitome of luxurious living.

"As per our analysis, apartments costing Rs 100 crore and above comprised 65 per cent share of the total number of deals closed in the past three years; bungalows constituted the remaining 35 per cent share," Dr. Samantak Das, Chief Economist and Head of Research and REIS, India at JLL, highlighted. This transition underscores a broader evolution in the luxury real estate market, moving towards more modern and urban forms of luxury. Additionally, a select few properties have been sold for between Rs 200 and Rs 500 crore, showcasing the upper echelons of the market's potential.

The allure of these ultra-luxury properties isn't just confined to their hefty price tags or grandeur but also their locations and the clientele they attract. Mumbai and Delhi NCR have emerged as the leading cities for these high-value transactions, driven by a clientele that includes top executives from large conglomerates, celebrities, and startup founders. "Homebuyers in the Rs 100 crore and above bracket comprise C-suite of large business conglomerates, actors, and founders of new startups," Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head -Residential Services, India at JLL, explained.

Mumbai, taking the lion's share of these transactions with 69 percent, saw Malabar Hill and Worli as hotspots for these sales. Meanwhile, Delhi NCR also noted significant activity beyond the Lutyens Bungalow Zone (LBZ), with notable transactions along Golf Course Road in Gurugram. This geographical spread further indicates the diverse appeal of ultra-luxury homes across major Indian cities.

Moreover, the size of these opulent apartments varies significantly, with most falling within the 10,000 to 16,000 sq ft range, highlighting the sheer scale and luxury offered by these properties. The report sheds light on the evolving preferences of the ultra-wealthy in India, seeking not just expansive spaces but also exclusivity and prestige that these modern apartments offer.

In conclusion, the ultra-luxury home market in India is on a robust upward trajectory, with a clear indication that apartments are becoming the new hallmark of luxury living. With sales continuing to surge and a clientele that represents the creme de la creme of society, the future of India's luxury real estate market looks promising, driven by both traditional markets like Mumbai and Delhi NCR as well as emerging preferences for modern, upscale living spaces.