‘Ultra luxury home sales hit new high in 2024; Lodha, DLF & Cuff Parade saw costliest apartments & bungalow deals’

NEW DELHI: Fifty-nine ultra luxury homes — 53 apartments and six bungalows — were sold for about Rs 4,754 crore in calendar year 2024, with Mumbai accounting for 52 of those deals, Delhi NCR three, and two each in Hyderabad and Bengaluru, according to data from real estate consultancy firm Anarock. While a bungalow going for Rs 500 crore in Mumbai’s Cuff Parade was the costliest home, a condominium selling for Rs 190 crore in Gurgaon’s uber luxury DLF Camellias last Dec was the most expensive apartment deal last.
Anarock data shows the costliest Cuff Parade bungalow deal was followed by one buyer picking up two apartments in Lodha Malabar in Mumbai’s Malabar Hills for Rs 270 crore. Then a person bought two apartments for Rs 225 crore in Oberoi 360 West in Mumbai’s Worli. The DLF Camellias Rs 190-crore deal was the fourth costliest real estate purchase last year, followed by an apartment in Lodha Sea Face in Mumbai’s Worli for Rs 185 crore, according to Anarock data.
Despite rocketing prices, 2024 saw more ultra luxury homes (over Rs 40 crore) selling than ever before. Anarock Group chairman Anuj Puri said: “Overall, 59 ultra-luxury homes were sold across the top seven cities in 2024, for a collective sales value of about Rs 4,754 crore. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of about Rs 4,063 crore. The yearly increase in both the number of deals and their overall sales value underscores the enduring demand for ultra-luxury properties across the top cities.”
“HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both. This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust buyer demand. Although there was only a one-unit increase in the number of transactions closed in 2024 compared to 2023, there was a 17% annual increase in value during the same period. Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand,” Puri said.