Ultra-luxury apartments outpace villas in India

Mumbai

India’s ultra-luxury real estate market has witnessed a remarkable boom, with 49 homes priced at over Rs 100 crore each sold in the past three years, totaling a staggering Rs 7,500 crore. Interestingly, apartments have overtaken villas and bungalows as the preferred choice in this elite segment, according to a JLL report released on Saturday.

The trend continues into 2025, with the first two months alone recording four ultra-luxury home sales worth Rs 850 crore. Dr. Samantak Das, Chief Economist and Head of Research, REIS India, JLL, noted, “Apartments costing Rs 100 crore and above accounted for 65% of the total deals in the past three years, while bungalows made up the remaining 35%.”

Some transactions even crossed the Rs 200 crore mark, with select properties priced between Rs 200-Rs 500 crore. Mumbai and Delhi NCR dominate the ultra-luxury market, with Mumbai accounting for 69% of the sales, particularly in areas like Malabar Hill and Worli. Delhi NCR’s luxury transactions extended beyond the iconic Lutyens Bungalow Zone, including high-rise apartments on Golf Course Road in Gurugram.

The typical ultra-luxury apartments sold range from 10,000 to 16,000 sq ft in super built-up area. Siva Krishnan, Senior MD, Residential Services, India, JLL, highlighted that buyers in this segment include C-suite executives, business magnates, film personalities, and startup founders.

This surge reflects India’s growing appetite for premium living spaces, with apartments becoming the new symbol of luxury.