In 2024, while on one hand the interest rates are skyrocketing and the common man is avoiding taking loan and buying a house, on the other hand the demand for luxury homes in India has increased rapidly. These luxury homes, costing Rs 100 crore or more, are not only a place to live but have also become a status symbol for the rich.
New craze of billionaires
The idea of buying a luxury home is not new. D-Mart founder and billionaire investor Radhakishan Damani had bought a bungalow in Mumbai’s Malabar Hill area for Rs 1,001 crore in 2021 itself, which made a lot of headlines. This trend has become stronger in 2024. Billionaires and millionaires are investing extensively in ultra-luxury properties.
Big deals from Mumbai to Delhi
Many record breaking deals took place in India during 2023-2024. JP Tapadia family bought a house worth Rs 369 crore in Lodha Malabar Project in Malabar Hill area of Mumbai. In the same project, Neeraj Bajaj bought a house worth Rs 252.5 crore and BK Goenka bought a house worth Rs 230.5 crore in Oberoi Three Sixty West, Worli.
Like Mumbai, demand for luxury properties is increasing in Delhi-NCR also. Rishi Parthi recently bought a house in ‘Camelias Project’ of Gurugram for Rs 190 crore and Smriti Aggarwal bought a house for Rs 95 crore. Rishi Parthi is the founder of a software technology company, whereas, Smriti Agarwal belongs to a prominent business family.
Apart from this, record deals were also seen in Bengaluru. Ruia International Holding bought a house worth Rs 64.6 crore and Infosys founder NR Narayana Murthy bought a house worth Rs 50 crore.
Reasons for increasing demand for luxury homes in India
According to reports, the number of ultra-high-net-worth individuals (Ultra-HNIs) is increasing rapidly in India. The number of Ultra-HNIs in India was 13,263 in 2023, which is expected to reach 19,908 by 2028. Their main sources of income are stocks, business, and private equity.
At the same time, according to a report by Knight Frank, there has been a huge jump in the sales of luxury apartments since 2021. By September 2023, luxury apartments worth Rs 1.3 lakh crore were sold in India, which is 648% more than in 2021.
Luxury boom in Gurugram
Gurugram has emerged as the center of luxury housing in Delhi-NCR. In the first half of 2024, 59% of sales in Gurugram were from the luxury segment. In 2019 this figure was only 4%.
India’s most expensive houses
The first name among the most expensive houses of India is Mukesh Ambani’s Antilia worth Rs 12,000 crore, which is in the ultra prime location of Mumbai. After this comes JK House worth Rs 6,000 crore, which belongs to Gautam Singhania of Raymond Group. Anil Ambani’s 5,000 crore abode, Shahrukh Khan’s 200 crore Mannat and Amitabh Bachchan’s 120 crore Jalsa are also very popular. KM Birla’s Jatiya House in Malabar Hill is also said to be worth around Rs 3,000 crore. These houses are not just a place to live, but are the pride and identity of these celebrities.
Also read: China is emptying India’s coffers, sends bills worth billions of rupees every year
