The appetite for luxury properties remained strong throughout 2024, with several high-value transactions in Mumbai, Gurugram, and Delhi. Deals like a ₹190 crore ultra-luxury apartment in Gurugram, a ₹130 crore bungalow in Delhi's Kautilya Marg, and ₹198 crore worth of flats in Mumbai highlight the growing interest in the ultra-luxury real estate market. These transactions signal that Delhi-NCR is catching up with Mumbai, traditionally the hub for ₹100 crore deals.
According to HSBC’s Global Entrepreneurial Wealth Report 2024, 61% of Indian wealthy business owners invest in real estate for personal use, compared to 51% globally. This aligns with the strong demand seen in cities like Delhi-NCR and Mumbai, where affluent buyers seek properties offering exclusivity, status, and high-end amenities. For instance, Anurang Jain's ₹130 crore bungalow purchase in Delhi's Kautilya Marg or the record-breaking ₹190 crore penthouse deal at DLF’s Camellias in Gurugram showcases the appeal of such investments.
Mumbai remains a leader in luxury real estate, with notable deals like RR Kabel Ltd's promoter acquiring ₹198 crore apartments at Oberoi Three Sixty West. However, NCR is emerging as a strong contender, driven by new luxury launches and increased price appreciation, especially in Gurugram. Experts suggest that independent houses in Delhi’s prestigious neighborhoods like Golf Links and Jor Bagh are prized for their exclusivity, while Gurugram offers fully-loaded apartments with premium amenities.
Reports also reveal that UHNIs view luxury real estate as a hedge against inflation and a means of wealth preservation. The rise in NRIs and domestic investors has fueled demand further, with lifestyle upgrades and strategic investments being key motivators. While Mumbai dominates in sales volume, Gurugram's competitive pricing and rapid development suggest it is quickly narrowing the gap.
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