Recession? 59 ultra-luxury homes worth INR 4,754 Cr sold in 2024, 17% yearly surge

By A Representative
Notwithstanding its spiralling prices, the ultra-luxury residential segment in India continues to thrive, with 2024 setting new records for sales and total value. According to ANAROCK data, 59 ultra-luxury homes (priced above INR 40 Cr each) were sold across the top seven cities for a collective sales value of approximately INR 4,754 Cr. This marks a 17% increase in sales value compared to 2023, which saw 58 homes sold for INR 4,063 Cr.

Mumbai retained its dominance, accounting for 52 of the 59 ultra-luxury deals in 2024, representing an 88% share. Among these, at least 16 transactions were valued above INR 100 Cr, primarily concentrated in prime areas such as Worli, Malabar Hill, and Pali Hill.

Anuj Puri, Chairman of ANAROCK Group, highlighted the sustained demand for such properties despite rising prices. “HNIs and ultra-HNIs continue to invest in trophy residences for personal use and as long-term investments. The 17% annual increase in sales value underscores this demand.”

Key Market Trends

Apartments vs. Bungalows: Of the 59 deals in 2024, 53 were for ultra-luxury apartments, while only six were bungalows. Apartments clearly remain the preferred choice for ultra-HNIs.

Deals Above INR 100 Cr: 17 homes priced over INR 100 Cr were sold in 2024, contributing INR 2,344 Cr to the total sales value.

Delhi-NCR, Bengaluru, and Hyderabad: Delhi-NCR recorded three ultra-luxury transactions, including one home priced above INR 100 Cr in Gurugram. Bengaluru and Hyderabad each reported two deals over INR 40 Cr.

A Retrospective on 2022-2023

The ultra-luxury housing segment witnessed a significant post-pandemic boom:

2022: 13 deals worth INR 1,170 Cr were closed, with Mumbai contributing 11 transactions.

2023: 58 homes worth INR 4,063 Cr were sold, with Mumbai accounting for 53 deals (91% share).

Between 2022 and 2024, at least 130 ultra-luxury homes worth nearly INR 9,987 Cr were sold, reinforcing the segment's growing appeal.

The ultra-luxury housing market continues to defy economic challenges, driven by a strong appetite among HNIs and ultra-HNIs. With Grade A developers expanding their portfolios in this segment, 2025 is poised to sustain this growth trajectory.

Comments

70,000 migrants, sold on Canadian dream, face uncertain future: Canada reinvents the xenophobic wheel

By Saurav Sarkar* Bikram Singh is running out of time on his post-study work visa in Canada. Singh is one of about 70,000 migrants who were sold on the Canadian dream of eventually making the country their home but now face an uncertain future with their work permits set to expire by December 2024. They came from places like India, China, and the Philippines, and sold their land and belongings in their home countries, took out loans, or made other enormous commitments to get themselves to Canada.

Defeat of martial law: Has the decisive moment for change come in South Korea?

By Steven Lee Late at night on December 3, soldiers stormed into South Korea’s National Assembly in armored vehicles and combat helicopters. Assembly staff desperately blocked their assault with fire extinguishers and barricades. South Korea’s President Yoon Suk Yeol had just declared martial law to “ eliminate ‘anti-state’ forces .”

Kerala government data implicates the Covid vaccines for excess deaths

By Bhaskaran Raman* On 03 Dec 2024, Mr Unnikrishnan of the Indian Express had written an article titled: “Kerala govt data busts vaccine death myth; no rise in mortality post-Covid”. It claims “no significant change in the death rate in the 35-44 age group between 2019 and 2023”. However, the claim is obviously wrong, even to a casual observer, as per the same data which the article presents, as explained below.

PM-JUGA: Support to states and gram sabhas for the FRA implementation and preparation and execution of CFR management plan

By Dr. Manohar Chauhan* (Over the period, under 275(1), Ministry of Tribal Affairs has provided fund to the states for FRA implementation. Besides, some states like Odisha, Chhattisgarh and Maharashtra allocated special fund for FRA implementation. Now PM-JUDA under “Dharti Aaba Janjatiya Gram Utkarsh Abhiyan(DAJGUA) lunched by Prime Minister on 2nd October 2024 will not only be the major source of funding from MoTA to the States/UTs, but also will be the major support to the Gram sabha for the preparation and execution of CFR management Plan).

This book examines dialectics of complex caste and class relationship

By Harsh Thakor* In Caste and Revolution by N. Ravi, the author addresses questions raised by Dalit and Bahujan intellectuals inspired by revolutionary parties. These questions center on caste issues and seek to formulate a profound diagnosis to chart a path toward the annihilation of caste. The book explains how caste-based feudalism and comprador bureaucratic capitalism intertwine to perpetuate the caste system. It asserts that only the path of a New Democratic Revolution can eradicate caste. The book delves into the need for an equal position for oppressed castes in all layers of society to abolish caste discrimination and oppression. It offers an analytical diagnosis, a penetrating navigation, and a detailed account of the dialectics of caste and class across diverse spheres. Annihilation of Caste and the New Democratic Revolution A revolutionary party develops a perspective document on the caste question, integrating its understanding of caste and the program for caste annih...

How Amit Shah's statement on Ambedkar reflects frustration of those uncomfortable with Dalit assertion, empowerment

By Vidya Bhushan Rawat* Dr. B.R. Ambedkar remains the liberator and emancipator of India’s oppressed communities. However, attempts to box him between two Brahmanical political parties betray a superficial and self-serving understanding of his legacy. The statement by Union Home Minister Amit Shah in the Rajya Sabha was highly objectionable, reflecting the frustration of those uncomfortable with Dalit assertion and empowerment.

Balod tech fest tests students’ interest in innovative ideas in the fields of science, engineering, start-ups

By A Representative A techno fest scheduled on December 20 and 21 in Balod district of Chhattisgarh will test the innovative ideas of school students in the fields of science, engineering and start-ups. For this two-day fest organised at Maheswari Bhawan of the district, a total of 824 models made by students were initially registered. Out of those, a selection committee chose 200 models from several schools spread over five blocks of Balod. These will be on display on these two days from 10am to 4.30pm. Out of many ideas, one of the most interesting models is a smart glove which can be used by children with impairments and disabilities. For those who cannot speak at all or have speech difficulty, they can ask for help from caregivers by pressing their fingers on the glove after wearing it. This will attract attention.

Local businessman subjected to physical assault, verbal abuse: Demand for accountability, justice

By Kirity Roy* On October 9, 2024, a disturbing incident of harassment and abuse took place in the Swarupnagar Block of North 24 Parganas district, involving a local businessman, Hasanur Gazi, who was subjected to physical assault, verbal abuse, and religious discrimination by a Border Security Force (BSF) constable. The incident, which occurred at the Hakimpur Checkpost, has raised serious concerns about the safety and dignity of citizens living in border areas, especially those belonging to religious minorities.

Sylvester Clarke: The forgotten force of West Indies fast bowling

By Harsh Thakor* December 4th marked the 25th anniversary of Sylvester Clarke's untimely death due to a heart attack at the age of 45, just weeks after the passing of Malcolm Marshall. This year also commemorated what would have been his 70th birthday on December 11.

प्राकृतिक संसाधनों के दोहन करने की प्रतिस्पर्धा: बढ़ रही पर्यावरणीय और सामाजिक चुनौतियां

- राज कुमार सिन्हा प्राकृतिक संसाधनों और कॉमन्स, जैसे सामुदायिक भूमि, वन, चारागाह और जल निकाय स्थानीय समुदायों के लिए महत्वपूर्ण हैं जो इन संसाधनों पर निर्भर हैं और उनके सतत् उपयोग एवं संरक्षण के लिए पीढ़ियों से प्रयासरत हैं। कॉमन्स न केवल हमारी पारिस्थितिकी को संतुलित रखते हैं, बल्कि ग्रामीण आजीविका, जैव विविधता, और जलवायु अनुकूलन के लिए भी महत्वपूर्ण हैं। दुर्भाग्यवश, हर साल इन संसाधनों में 4% की कमी आ रही है, जिससे पर्यावरणीय और सामाजिक चुनौतियां बढ़ रही हैं। इन कॉमन्स के संरक्षण और पुनरुद्धार के लिए दीर्घकालीन योजना पर कार्य करने की आवश्यकता है। जिससे एक बेहतर, समान और टिकाऊ भविष्य का निर्माण हो सके।

Search This Blog