This year saw a massive rise in super-expensive home sales across India’s top seven cities. Anarock Research data shows a whopping 588 ultra-luxury homes, each priced over Rs 40 crore, were sold. They added up to around Rs 4,063 crore in sales, beating the previous year’s 13 homes sold for about Rs 1,170 crore.
Guess who took the crown? Mumbai led the charge with 53 ultra-luxury homes sold, making up 91 percent of all these fancy deals. Delhi-NCR followed with four deals, and Hyderabad joined in with one super-expensive home sale.
The big deal? There were 12 homes sold for over Rs 100 crore each – 10 in Mumbai and two in Delhi-NCR. Most of these big-ticket purchases were by business folks (79 percent) and top professionals (16 percent).
Anuj Puri, Chairman of ANAROCK Group, talked about why these super-fancy homes are flying off the shelves. He mentioned how rich people are changing their investments because they’re worried about the stock market getting unstable due to global issues. Also, big builders are making more of these super-fancy homes because more people want them.
In Mumbai, three homes were sold for over Rs 200 crore, and seven went for Rs 100 to Rs 200 crore. Delhi-NCR had two homes over Rs 100 crore. Out of the 58 deals, most were for apartments (53 deals), while the rest were bungalows.
Ashwin Chadha, CEO of India Sotheby’s International Realty, said that India’s economy is getting stronger because of new business chances. This is making more rich people, and even celebrities like Alia Bhatt and Suhana Khan have invested in flats and farmlands.
He also mentioned that younger rich folks are starting to buy these super-fancy homes. Plus, old rich families are also spending big on these lavish properties.
Looking ahead, with the number of billionaires expected to double by 2027, the demand for these super-luxury homes will keep going up. It shows that more and more people, especially the younger ones and old rich families, are crazy about these super-fancy homes.
Simplified
| City | Number of Ultra-Luxury Homes Sold | Total Sales Value (in Rs Crore) |
|---|---|---|
| Mumbai | 53 | 91% of total deals, Rs 4,063 |
| Delhi-NCR | 4 | 7% of total deals, – |
| Hyderabad | 1 | 2% of total deals, >Rs 40 |
| Other Cities | – | – |
Also Read : Mumbai’s Property Buying Spree in November: What You Need to Know