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Ultra-luxury homes, priced greater than Rs 40 crore each, continued to sell briskly in 2024, notwithstanding spiralling residential real estate prices.
The number of sales as well as the sales value of such assets hit new peaks in 2024. Data made available by real estate consultant ANAROCK indicated that the total sales value of ultra-luxury homes surged 17 per cent annually in 2024 compared to 2023. Overall, 59 ultra-luxury homes were sold across the top seven cities in 2024, for a collective sales value of approximately Rs 4,754 crore. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of approximately 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," said Anuj Puri, Chairman - ANAROCK Group. Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties. "HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both," said Puri. "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 per cent 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 further asserted. Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai saw 52 units sold at price tags of over INR 40 crore each - an 88 per cent share of the total deals across the top cities. At least 3 separate ultra-luxury home deals were closed in Delhi-NCR - two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad saw two deals each. A deep dive showed that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced Rs 100 crore each. The total value of these 17 homes sold alone was Rs 2,344 crore. The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. If one considers the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth Rs 9,987 crore. (ANI)
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