In 2024, India’s luxury real estate market witnessed a dramatic surge in demand, with properties priced between ₹10 crore (A$1.83 million) and ₹80 crore (A$14.68 million) becoming the top investment choice for high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs).
Hindustan Times reported that 2024 saw an unprecedented focus on spacious and amenity-rich homes, catering to the lifestyle aspirations of India’s wealthy elite. In cities like Mumbai, Gurgaon, and Delhi, demand far outstripped supply, with buyers prioritising exclusive residences over traditional standalone bungalows.
Notable features such as dedicated parking, modern clubhouses, and elite communities contributed to the appeal.
Experts noted that these luxury properties not only offered comfort but also became hubs for networking and socialising with high-profile peers.
Record transactions in key markets
- Mumbai led the luxury housing market with 21 deals collectively valued at ₹2,200 crore (A$403.67 million), accounting for 84% of ultra-luxury property sales in 2024.
- Bengaluru saw a record ₹67.5 crore (A$12.38 million) land purchase in Indiranagar, marking the city’s most expensive land deal.
- Hyderabad recorded transactions worth ₹80 crore (A$14.68 million) in Jubilee Hills.
- In Noida, a villa worth ₹26 crore (A$4.77 million) was sold with a Lamborghini offered as an incentive.
Several factors propelled the luxury real estate market:
- Wealth Accumulation: The 2024 Hurun Rich List reported 1,539 Indians with a net worth of ₹1,000 crore (A$183 million) or more, highlighting the growing purchasing power of UHNIs.
- Capital Appreciation: A rise in property values—averaging over 15% annually in key markets—made luxury real estate a reliable investment.
- Lifestyle and Status: High-end properties with modern amenities offered exclusivity and elevated social standing.
- Inflation Hedge: UHNIs increasingly viewed luxury real estate as a stable asset during economic fluctuations.
Secondary destinations such as Goa and Alibag witnessed booming demand for marquee villa properties, while Indian billionaires extended their portfolios abroad, acquiring luxury homes in Dubai, New York, London, and Switzerland.
Recently, Pankaj Oswal (Australian-Swiss businessman who founded Burrup Holdings Limited) bought a property in Switzerland for ₹1,649 crore (A$302.5 million).
Developers respond to growing demand
Reports by CBRE and Anarock highlighted a 37.8% year-on-year increase in luxury housing sales during 2024, reflecting a strong appetite among India’s elite.
As economic confidence grows, with 79% of HNIs and UHNIs optimistic about India’s financial prospects, the demand for luxury homes is expected to continue rising.
