January 14, 2024Business Desk

India's ultra-luxury real estate boom

In 2023, India's ultra-luxury home sales recorded a 247% YoY increase, totalling approximately Rs 4,063 crore, according to a research by ANAROCK.

Source: Pexels

Mumbai took the lead in this surge, contributing to 91% of the total deals, with 53 ultra-luxury homes changing hands, including transactions exceeding Rs 200 crore.

Source: Pexels

Twelve deals in 2023 crossed the Rs 100 crore threshold, with Mumbai securing 10 and Delhi-NCR securing 2 such transactions.

Source: Pexels

The buyer profile reveals that 79% are business owners, 16% are C-suite professionals, and 5% comprise politicians and Bollywood celebrities.

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The surge is driven by High Net Worth Individuals (HNIs) seeking investment opportunities and personal residences, amid geopolitical tensions and anticipated stock market volatility.

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The competitive landscape is intensified by a Fear of Missing Out (FOMO) amongst wealthy Indians, prompting a rush to secure the most desirable ultra-luxury properties.

Source: Pexels