### Overview of Ultra-Luxury Home Sales
The Indian real estate market has experienced significant activity in the ultra-luxury segment, with 25 homes priced over INR 40 Cr sold in key cities—Mumbai, Hyderabad, Gurugram, and Bengaluru. These transactions have accumulated a total value of approximately INR 2,443 Cr, underscoring ongoing demand despite escalating prices.

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### City-wise Breakdown of Sales

*Mumbai Leads the Pack*
Mumbai has emerged as the top market for ultra-luxury homes, with 21 out of 25 transactions in 2024, totaling INR 2,200 Cr. The city’s status as a financial hub continues to attract High Net Worth Individuals (HNIs) and Ultra-HNIs, driving substantial sales.

*Hyderabad, Gurugram, and Bengaluru*
– *Hyderabad*: Two significant deals in Jubilee Hills totaling INR 80 Cr.
– *Gurugram*: One ultra-luxury home sold for INR 95 Cr.
– *Bengaluru*: A high-end residential deal valued at INR 67.5 Cr.

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### Apartment vs. Bungalow Sales

*Dominance of Apartments*
Among the 25 ultra-luxury homes sold, 20 were high-end apartments, contributing INR 1,694 Cr to the total sales. The remaining five were independent bungalows, worth INR 748.5 Cr. High-end apartments remain the preferred choice, accounting for 80% of the transactions.

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### Record Sales in the INR 100 Cr+ Segment

*Mumbai’s High-End Market*
Nine out of the 25 deals were for homes priced above INR 100 Cr, all in Mumbai. These transactions contributed INR 1,534 Cr to the total, reflecting the robust demand for ultra-luxury trophy homes. This trend is expected to continue, particularly in the upcoming festive quarter.

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### Price Trends in the Ultra-Luxury Segment

*Rising Prices*
In the first eight months of 2024, the average price of homes above INR 40 Cr increased by 2%. Homes priced over INR 100 Cr saw a notable 14% rise, with average rates climbing from INR 1,24,697 per sq. ft. in 2023 to INR 1,41,904 per sq. ft. in 2024.

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### Rise in Demand Since the Pandemic

*Steady Growth*
Since the pandemic, the demand for ultra-luxury homes has been rising steadily. From 2022 to August 2024, there have been 99 deals worth approximately INR 8,069 Cr across top cities, with Mumbai continuing to lead the market.

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### A Booming Market for Ultra-Luxury Homes

*Anticipated Growth*
With four months left in the year and the festive season approaching, the ultra-luxury home market is poised for further growth. The increased demand, price hikes, and robust sales figures highlight the ongoing allure of high-end residential properties for India’s affluent buyers.

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### Key Takeaways
– Mumbai has accounted for 84% of ultra-luxury home sales in 2024, totaling INR 2,200 Cr.
– Average prices for homes above INR 100 Cr have risen by 14% in the past eight months.
– High-end apartments are the dominant choice, with 20 of 25 transactions.
– The demand for trophy homes remains strong, driven by HNIs and Ultra-HNIs across major cities.