In a noteworthy shift within India's luxury real estate landscape, Gurugram has emerged as the country’s largest market for ultra-luxury homes priced at Rs 10 crore and above, surpassing Mumbai in 2025. As detailed in the recent High-End Luxury Housing Report by India Sotheby's International Realty and CRE Matrix, Gurugram achieved a remarkable transaction value of Rs 24,120 crore in this segment, setting a new record for any Indian city. In contrast, Mumbai's ultra-luxury home sales amounted to Rs 21,902 crore during the same period, indicating a significant evolution in buyer preferences and investment trends within India's affluent market.
The report highlights a remarkable escalation in ultra-luxury home sales, with 1,494 properties priced over Rs 10 crore sold in Gurugram, the highest number recorded in a single year for the city. This figure represents an astonishing near tenfold increase from the 155 homes sold in 2023. The dramatic rise in sales underscores the rapid wealth generation among high-net-worth and ultra-high-net-worth individuals, contributing to a six-fold increase in market value over just two years—from Rs 4,004 crore in 2023 to over Rs 24,000 crore in 2025. Notably, Gurugram's ultra-luxury market was valued at Rs 13,383 crore in 2024, reflecting a consistent upward trajectory.
Following Gurugram and Mumbai, Noida and Greater Noida have also shown notable performance in the ultra-luxury segment, collectively recording sales worth Rs 9,358 crore in 2025. Other major markets, including Hyderabad and Bengaluru, reported ultra-luxury home sales of Rs 8,140 crore and Rs 2,319 crore, respectively. Notably, ultra-luxury housing accounted for 24 percent of Gurugram's overall residential market value in 2025, with an average ticket size of approximately Rs 16 crore per home. The demand has been particularly pronounced for spacious residences, with homes averaging around 5,000 sq. ft. being highly sought after.
A significant factor driving this growth has been the emergence of new luxury corridors, such as Dwarka Expressway, Golf Course Road, and Golf Course Extension Road. These micro-markets have benefitted from improved infrastructure, increased supply, and enhanced connectivity, resulting in substantial transaction value increases. The Dwarka Expressway, for instance, experienced a staggering 2,079 percent surge in transaction value, rising from Rs 383 crore in 2024 to Rs 8,347 crore in 2025. Similarly, Golf Course Extension Road saw a 379 percent increase in sales value, with average prices escalating from Rs 24,855 per sq. ft. to Rs 37,899 per sq. ft. Traditional prime locations, while still relevant, are increasingly being complemented by these emerging areas that are reshaping Gurugram's luxury housing narrative.