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Homes for the super-rich now start at ₹100 cr
Mint Mumbai
|January 06, 2025
When you rise to the level of self-actualization, the final stage of Maslow's hierarchy of needs, the world is your oyster. For India's 185 billionaires and some millionaires, it's a dream house costing well over ₹100 crore.
For some of them, the ₹100 crore house has a 800-1200 sq. ft sea-facing bedroom in a penthouse on Mumbai's Pali Hill. Others are sold on the idea of golf courses in their courtyards and luxury spas, top chefs, and premium amenities.
"2024 saw a rise in ₹100 crore-plus transactions, particularly in Delhi-NCR, Mumbai and Bengaluru," said Ritesh Mehta, senior director and head-north, west & east residential services, India, at Jones Lang LaSalle Inc., or JLL, a property consultancy.
"Gurugram's Golf Course Road and South Mumbai's Malabar Hill are witnessing record-breaking deals, reflecting growing confidence in ultraluxury real estate as a stable investment." According to PropEquity, while 13 houses worth at least ₹100 crore were purchased between January and October 2024, 21 such transactions were made in all of 2023. The real estate analytics firm tracks the Real Estate Regulation and Development Authority's (Rera) website and registration data and conducts on-ground surveys.
Property consultancy Anarock Group estimates that 99 ultra-luxury residential deals worth a combined ₹8,069 crore were closed in India's top cities in 2022, 2023 and 2024 (till August).
According to Mehta, while most buyers of such ultra-expensive houses-typically billionaire industrialists, tech CEOs, film celebrities, and nonresident Indians-do so for personal use, a niche group buys such properties to cash in when the value appreciates.
This story is from the January 06, 2025 edition of Mint Mumbai.
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