Luxury property developers in the country had a robust 2024 eclipsing the combined sales value of total residential sales in top cities during the previous year.
The surge in demand for luxury property saw sales hit Rs 4,316 crore during the first 11 months, higher than the total residential sales in 2023 at nearly Rs 4,036 crore, as per Anarock Research. The trend of luxury property buys is expected to continue in 2025.
“The luxury segment is poised for sustained growth, driven by several factors including the increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in India,” said Prashant Thakur, regional director & head – research, Anarock.
The steady appreciation in luxury property values, combined with India’s growing wealth creation and economic stability, is creating a strong foundation for sustained growth in this segment, he added.
Recently Mumbai-based Oberoi Realty acquired 81 acres of land in the coastal town of Alibaug near Mumbai. The company plans to develop luxury five star hotel and 150 high-end fully serviced, branded villas as part of the project.
The company sold many luxury apartments in its another luxury project Three Sixty West in Worli area of Mumbai.
The company plans stem from the massive demand luxury real estate sector saw in 2024 and the outlook for the segment in the coming year.
As many as 54 ultra-luxury homes were sold across cities which were priced at Rs 40 crore each. This included sales of 48 exclusive apartments and 6 large-size bungalows, Anarock said.
The Mumbai Metropolitan Region (MMR) emerged as the dominant market with total sales of 47 ultra-luxury homes during the 11 months, followed by 3 deals in Delhi-NCR and 2 deals each in Bengaluru and Hyderabad.
Recently, Jagdish Master, director of Deep Financial Consultants, purchased a Rs 105 crore apartment in a property in the Worli area of Mumbai.
In November 2024,Master’s wife, Urjita Jagdish Master, bought a luxury apartment for Rs 105 crore in the same building on the fifty ninth floor.
In October 2024, promoter of wires and cables maker RR Kabel, Shreegopal Kabra and his family members bought two apartments worth Rs 198 crore in Worli area of Mumbai.
As per data, India is home to over 850,000 HNIs,
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