Hyderabad: Only two ultra-luxury homes sold in 2024, says report

According to Anarock data, last year saw sale of at least 59 properties, priced over Rs 40 crore, across the country with Mumbai walking away with the lion’s share of 52 units

Hyderabad: Only two ultra-luxury homes, priced over Rs.40 crore, were sold in Hyderabad as against 52 units sold in Mumbai during the year 2024.

Across the country, last year saw the sale of at least 59 ultra-luxury properties and Mumbai walking away with the lion’s share of 88 per cent (52 units) followed by three units sold in Delhi NCR and two deals each in Bengaluru and Hyderabad.

---

According to Anarock data released on Friday, of the 59 ultra-luxury homes sold in 2024, at least 17 were priced above Rs 100 crore each with the total value of these 17 homes sold alone being Rs 2,344 crore. Also, apartments clearly remained the preferred property type with 53 of the 59 deals being for apartments and the remaining six bungalows.

The report pointed out that the COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing.

In 2022, 13 deals worth approximately Rs 1,170 crore were closed with Mumbai accounting for 11 deals and two in Delhi-NCR. In 2023, 58 ultra-luxury homes were sold across the top seven cities with a cumulative sales value of approximately Rs 4,063 crore and Mumbai alone selling 53 units.

Anuj Puri, Chairman, Anarock Group, says the High Net worth Individuals (HNIs) and ultra-HNIs were purchasing these trophy residences for personal use, investment, or both. “This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust buyer demand,” he added.