The sale of ultra-luxury residential units has surged 247 per cent year-on-year to 58 units so far in 2023, worth over Rs 4,000 crore, compared to 13 units sold in 2022 worth over Rs 1,100 crore, according to data compiled by property consultancy Anarock.

Mumbai dominated India’s ultra-luxury real estate market in terms of sales. (Photo credit: Pixabay)

Mumbai: Property sales in the ultra-luxury home segment have surged 247 per cent to Rs 4,063 crore, from Rs 1,170 crore in full year-2022, according to property consultancy firm Anarock. In unit terms, 58 ultras-luxury properties were sold so far in 2023 compared to 13 units in 2022.

Out of these, 53 units were sold in Mumbai, equalling 91 per cent of all ultra-luxury home sales. Of the remaining sales, 4 were made in Delhi NCR and 1 was made in Hyderabad. Two ultra-luxury homes were sold in Gurugram and 2 bungalows were sold in Delhi, according to the report.

Overall, 3,743 ultra-luxury apartment units were sold so far in 2023 compared to 730 units sold in 2022. Nearly 320 bungalows priced over Rs 40 crore were sold in 2023 so far, compared to 440 such bungalows sold in 2022, according to the report.

Rs 100 crore deals

Mumbai led the way in terms of Rs 100 crore deals by recording nearly 10 such transactions. In Delhi-NCR region, 2 property deals exceeding Rs 100 crore were recorded.

In 2022, of the 13 ultra-luxury homes sold across the country, 9 deals were in the Rs 100-150 crore range. All of these units were sold in Mumbai. Overall 11 deals were struck in Mumbai while Delhi-NCR saw 2 ultra-luxury property deals take place in 2022.

In terms of buyer profile, nearly 79 per cent of these properties were purchased by business owners in Mumbai in 2023. Nearly 16 per cent of buyers were C-suite professionals, according to the report.
The remaining 5 per cent of buyers were from a political or film background.

Which city witnessed highest growth in property sales in Q3 2023?

Bengaluru witnessed the highest rise in property unit sales in Q3 2023 at 60 per cent to 12590 units from 7,890 units in 2022, according to a report by digital real estate brokerage PropTiger.com.

Delhi-NCR witnessed a 44 per cent jump in sales to 7,800 units from 5,430 units a year ago. Kolkata recorded a 43 per cent jump to 3,610 units from 2,530 units a year ago. Hyderabad (24 per cent) and Ahmedabad (31 per cent) recorded 14,190 unit and 10,300 unit sales, respectively in Q3 2023.