by THO
The real estate market continues to witness a demand for luxury properties, especially those priced between ₹10 crore and ₹200 crore in cities such as Mumbai, Bengaluru, and Delhi-NCR. The demand for luxury housing emanates from changing consumer preferences, especially from net-worth individuals such as corporate honchos, start-up promoters, and non-resident Indians.
A report by real estate consultant CBRE noted this week that India’s luxury housing segment (units priced at ₹4 crore and above) recorded 53% Year-on-Year sales growth in CY2024 across the top seven cities. The segment also recorded significant unit launches, registering 52% Year-on-Year growth during the year.
“The residential real estate market is driven by strong fundamentals underpinned by robust end-user demand. We expect this momentum to continue, with sales and new housing unit launches to remain steady in the coming quarters,” Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East & Africa, CBRE, said.
Having said that, the definition of luxury may differ from city to city. A ₹8 crore apartment may be a luxury for Noida, a ₹100 crore flat for Gurugram, similar to Mumbai, but a ₹50 crore may be a luxury for Bengaluru.
Mumbai suburbs fast catching up on demand for luxury housing
According to real estate consultants in the Mumbai real estate market, luxury does not have a standard definition. It depends on the locality, the project, the quality of amenities on offer, the type of people residing in it and the credentials of a particular real estate developer.
“A ₹4 or ₹5 crore 2 BHK apartment in Mumbai’s distant suburb can be tagged as a luxury purchase considering the market rate for 2 BHK apartment is around ₹2.5 or ₹3 crore. Hence, if one is paying ₹4 or ₹5 crore for a 2 BHK apartment in Borivali, it can be termed as luxury or a premium purchase provided the building has modern amenities and high net worth people residing in it,” said Satish Doshi, a real estate consultant from Mumbai’s Borivali area.
“However, a 2BHK worth ₹5 crore in South Mumbai or Central Mumbai may be considered as a mid-segment purchase. Luxury purchases in south Mumbai typically cost anything between ₹50 crore and ₹100 crore.,” Doshi added.
Others believe that luxury cannot be defined based on a price tag.
Fatima Saidi, Luxury Head Mumbai at ANAROCK, a real estate consultancy firm, said, “Luxury is not defined by a price tag—whether it’s ₹5 crore or ₹20 crore. Instead, it is about what a property offers: exclusivity, comfort, and a deeper sense of elevated living.”
She added that true luxury in a residence goes beyond a number. It is the perfect balance of location, architectural brilliance, the prestige of the developer, world-class amenities, and the vibrant community it fosters. All these elements create an exceptional living experience—not because of what it costs but how it makes you feel. Luxury is a carefully crafted synergy, not a simple price point.
How much money do you have to spend to buy a luxury apartment in Bengaluru?
According to real estate experts, the definition of luxury depends on the type of project, the developer, and the project’s location. Luxury is very relative and dependent not just on the amenities but also on the locational aspect. The ‘the address’ factor matters.
“While luxury in Bengaluru typically goes up to ₹4 crore, it also depends on the amenities the project provides. Nowadays, we see amenities like a large clubhouse and luxury offerings like a rooftop swimming pool that add to the prices. Especially in cities like Bengaluru where buyers are now picky about the projects depending on the lifestyle it offer,” Renuka Kulkarni, Head of Research at Square Yards, said.
Such inventories are generally available in areas like the eastern IT Corridor of Whitefield and prime areas like Indiranagar and Koramangala. While many such launches are also happening in southern Bengaluru’s Kanakapura Road, most units are under construction.
Kulkarni believes that for east Bengaluru, such as Whitefield and Krishnarajapuram, the average luxury range is around ₹2 crore, slightly lower, around ₹1.5 crore in the North, like Hebbal and Hennur.
Also Read: Why Narayana Murthy’s real estate purchase in Bengaluru is anything but simple
According to data from CBRE, which also defines luxury housing as units upwards of ₹4 crore, only 10 luxury residential units priced ₹4 crore and above were sold in Bengaluru during January-June 2024 as against 200 units in the same period last year. The consultant said that the mid-segment appears to be the star performer in this geography, per data available in the public domain.
According to Knight Frank India, the ₹50 lakh—1 crore bracket alone accounted for 43% of the total 27,404 units sold in Bengaluru during the first half of 2024.
Local real estate brokers say a lack of supply in the luxury segment, which is upwards of ₹4 crore, is the reason for fewer luxury transactions in Bengaluru.
Dynamics of the luxury real estate market in Delhi-NCR
Sidhant Real Estate, led by DLF chairman Rajiv Singh and his family, has bought a bungalow in Lutyens’ Delhi for ₹150 crore from Rangoli Resorts, owned by Sheela Foam’s executive chairman Rahul Gautam and his family. According to documents shared by IndexTap, the deal was transacted in October.
“As a real estate analyst and observer, I think that India’s luxury housing can be defined by Delhi-NCR and Mumbai. Owning a villa in Delhi Luyten’s is probably the first rule if you want to play the game of luxury homes in India. Gurugram has overtaken Mumbai in total quantum of luxury housing sales,” said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix and IndexTap.com
In December, in the most expensive apartment deal in the country, an ultra-luxury penthouse with an area of 16,290 sq ft in DLF’s Camellias was sold for ₹190 crore in Gurugram. This deal clearly established that Delhi and Mumbai are considered the most expensive cities in the country. Gurugram has overtaken Delhi and Mumbai regarding price points and luxury offerings.
Real estate experts say that these high-value transactions in Gurgaon suggest that uber-luxurious homes are not just about brick-and-mortar but about the lifestyle and amenities. People are willing to pay a premium for the right neighbourhood with all the desirable facilities.
Also Read: 10 reasons why DLF’s Camellias is a coveted address in Gurugram
DLF’s new ultra-luxury project, The Dahlias, is also located on the Golf Course Road in Gurugram. With all these projects coming up along Golf Course Road in Gurugram, currently known as North India billionaires’ row, is expected to compete with not only ultra-luxury properties in Mumbai’s Altamount Road and Delhi’s Lutyens that are primarily private residences but also with New York’s billionaires’ street located in the southern edge of Central Park, said real estate experts.
Also Read: Why real estate developers are launching a flurry of ₹5 crore-plus luxury apartments in Noida
