In a striking reshaping of India’s luxury housing map, Gurugram has surged ahead of Mumbai to become the country’s largest market by value for ultra-luxury homes priced at Rs 10 crore and above in 2025.
According to the latest High-End Luxury Housing Report by India Sotheby’s International Realty and CRE Matrix, Gurugram clocked transactions worth Rs 24,120 crore in the Rs 10-crore-plus segment during calendar year 2025 — a record for any Indian city. Mumbai has sold ultra-luxury homes worth Rs 21,902 crore in the Rs 10 crore and above category in 2025.
Ultra-luxury sales hit record highs
The report, which was released on February 23, shows that 1,494 homes priced above Rs 10 crore were sold in Gurugram in 2025, the highest ever recorded in a 12-month period for the city.
The surge marks a nearly tenfold jump in unit sales from just 155 homes in 2023, underscoring accelerating wealth creation and growing participation from high-net-worth and ultra-high-net-worth individuals, it said.
In value terms, the market expanded six-fold in two years — from Rs 4,004 crore in 2023 to over Rs 24,000 crore in 2025 — cementing Gurugram’s position as India’s most dynamic ultra-luxury residential hub. In 2024, the city had sold ultra-luxury homes worth Rs 13,383 crore.
Gurugram and Mumbai were followed by Noida and Greater Noida in terms of sale of ultra-luxury homes priced Rs 10 crore and above. Noida and Greater Noida together sold Rs 9,358 crore worth homes in the ultra-luxury segment in CY 2025. Hyderabad and Bengaluru sold homes worth Rs 8,140 crore and Rs 2,319 crore respectively in ultra-luxury category in 2025.
Big-ticket homes drive market share
Ultra-luxury housing accounted for 24 percent of Gurugram’s total residential market value in 2025, with an average ticket size of around Rs 16 crore per home, signaling sustained appetite for large, premium residences.
Homes averaging about 5,000 sq. ft. dominated demand, particularly in the 4,000–6,000 sq. ft. category. Residences larger than 8,000 sq. ft. contributed nearly 22 percent of total transaction value, highlighting buyers’ willingness to pay a premium for scale, privacy and exclusivity, the report showed.
New growth corridors overtake legacy addresses
A defining shift has been the rise of emerging luxury corridors. Micro-markets such as Dwarka Expressway, Golf Course Road and Golf Course Extension Road together drove much of the expansion, supported by infrastructure upgrades, new supply and enhanced connectivity.
According to report, Dwarka Expressway posted a staggering 2,079 percent jump in transaction value, rising from Rs 383 crore in 2024 to Rs 8,347 crore in 2025. Golf Course Extension Road recorded a 379 percent increase in sales value, alongside sharp price appreciation, with weighted average prices climbing from Rs 24,855 per sq. ft. to Rs 37,899 per sq. ft.
Traditional prime pockets such as Golf Course Road saw steadier activity, constrained by limited new inventory.
“What is particularly notable is that growth is no longer confined to legacy addresses. Emerging micro-markets are now driving a structural expansion of Gurugram’s luxury housing market,” said Tina Talwar, Area Director, India Sotheby’s International Realty.
Wealth creation fuels demand
Market participants link the boom to broader capital formation and entrepreneurial wealth. In 2025 alone, 103 Indian companies raised a record $19.54 billion through mainboard IPOs, creating a new cohort of founders and promoters entering the ultra-luxury housing segment.
“The nearly tenfold growth in the luxury segment over the past two years reflects sustained buyer confidence and a maturing demand profile,” said Abhishek Kiran Gupta, Co-founder and CEO, CRE Matrix.
He added that buyers are increasingly prioritising prime locations, construction quality and branded amenity-rich developments.
Bhupindra Singh, COO, Rise Infraventures Limited, said that the record sales values and volumes are primarily driven by emerging micro-markets, which are riding on infrastructure-led growth. As a result, affluent buyers are prioritising spacious living, connectivity and future value.
"This shift also suggests that luxury real estate is diversifying beyond legacy cities into new, dynamic urban ecosystems," he said.
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