Hyderabad’s ultra-luxury real estate market witnessed limited activity in 2024, with only two high-end properties priced above ₹40 crore being sold throughout the year. This stands in stark contrast to Mumbai, which dominated the market with 52 such transactions during the same period, according to data released by Anarock.
National Overview of Ultra-Luxury Sales
In total, 59 ultra-luxury properties were sold across India’s top cities in 2024. Mumbai accounted for 88% of these sales, followed by Delhi NCR with three units and Bengaluru and Hyderabad with two units each. Notably, 17 of these high-end homes were priced above ₹100 crore, collectively contributing ₹2,344 crore in sales value.
Apartments emerged as the preferred property type, with 53 of the 59 deals involving luxury flats, while only six were bungalow sales. This trend reflects a shift in buyer preferences toward premium apartment living in metropolitan hubs.
Rising Demand for Luxury Housing Post-Pandemic
The report highlights that the COVID-19 pandemic triggered a significant surge in demand for luxury and ultra-luxury housing. In 2022, only 13 ultra-luxury homes were sold, with Mumbai accounting for 11 of those sales and Delhi NCR registering two deals. By 2023, this figure had risen to 58 sales, valued at approximately ₹4,063 crore, with Mumbai once again leading the market with 53 transactions.
Insights from Anarock
Anuj Puri, Chairman of Anarock Group, attributed this trend to increased activity among High Net Worth Individuals (HNIs) and ultra-HNIs. These affluent buyers are investing in “trophy residences” for personal use, investment purposes, or both.
“This is a noteworthy market dynamic,” Puri remarked, “especially given that property prices continue to rise across the country due to higher input costs and strong buyer demand.”
Conclusion
While Mumbai continues to dominate India’s ultra-luxury property segment, Hyderabad’s modest share of high-value sales signals a slower yet steady interest in premium living spaces. As market trends evolve, developers and investors are likely to adapt to shifting buyer preferences in the ultra-luxury segment.
