Mumbai and Delhi-NCR lead demand for ultra-luxury homes priced at ₹100 crore and above
Mumbai and Delhi NCR lead in ultra-luxury home purchases. The appetite for such units continues to grow among the rich, redefining the real estate landscape.
Apartments with resort-like amenities now dominate the ultra-luxury housing segment, redefining the concept of trophy residences, which were once synonymous with independent houses like bungalows and villas. Mumbai and Delhi NCR continue to dominate the housing demand for exclusive residences, a study by JLL has said.
Over the past three years, ₹7,500 crore has been invested in 49 ultra-luxury homes, each priced at ₹100 crore and more, with nearly ₹3,652 crore invested in 2024 alone. In the first two months of 2025, four ultra-luxury homes were sold, totaling ₹850 crore, it said.
Of these 49 homes sold during the last three years, Mumbai comprised 69% share followed by Delhi NCR, it said.
Apartments priced at ₹100 crore and above accounted for 65% of all ultra-luxury transactions in the past three years, while bungalows made up the remaining 35%. The majority of these high-end properties were priced between ₹100 crore and ₹200 crore, according to a study by JLL.
The study takes into account ultra luxury homes priced at ₹100 crore and above. Both primary and secondary market transactions are included in the coverage.
“As per our analysis, apartments costing ₹100 crore and above comprised 65% share of the total number of deals closed in the past three years; bungalows constituted the remaining 35% share. Majority of these ultra luxury homes were priced in the range of ₹100 – 200 crore. However, a handful of properties were transacted above this price bracket and were priced between ₹200 - 500 crore too,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
Mumbai and Delhi NCR continue to dominate housing demand for ultra luxury residences
“While appetite for premium residential properties continues to expand in many Indian cities, Mumbai and Delhi NCR rule the roost when it comes to the homebuyer profile suitable for these exclusive assets. These two cities are termed as the financial and political capital of India respectively, and the crème de la crème of domestic High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs) are based out of these markets,” said Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head - Residential Services, India, JLL.
Homebuyers who have purchased properties in the ₹100 crore and above bracket comprise C-suite of large business conglomerates, actors and founders of new startups.
Where are the ultra-luxury apartments located?
In Mumbai, Malabar Hill and Worli dominated the bulk of these transactions. In Delhi NCR, such deals were not limited to the Lutyens Bungalow Zone (LBZ) alone. Several high-rise apartment deals on Golf Course Road in Gurugram were also recorded, the JLL study said.
Of all the apartments sold in the ₹100 crore and above price bracket in the past three years, majority were in the size range of 10,000 - 16,000 sq. ft (super built-up area).
As per various market estimates, the number of billionaires in India has grown significantly in 2024 as compared to 2023. Of late, India’s growing number of wealthy individuals are actively picking up these properties. Going forward, the demand for these limited number of units is likely to remain steady as more realty players are getting into developing such prestigious homes, it added.
