In 2022, The Sale of Luxury Homes in India Surpassed a Staggering 7500 Crore Rupees

Luxury Home Sales in India Soar High in 2022 & Will Fly Higher in 2023 

In 2022, a dozen luxury residences in Mumbai and Delhi valued at more over Rs 100 crore were sold.

The highest transaction of the year was the sale of a luxury Juhu property for Rs 333 crore to Agarwal Holdings Private Limited, which is controlled by the proprietors of the pharmaceutical manufacturing business Macleods Pharmaceuticals, according to statistics compiled by Zapkey.com

More than 150 luxury houses valued at over Rs 7,500 crore were sold in 2022, according to Zapkey's Billion Homes Club 2022 website.

In 2021, Agarwal Holdings Private Limited further acquired a property in Juhu, Mumbai, for Rs 87.75 crore. This, however, pales in compared to the Rs 1,001-crore deal that RK Damani (founder and CEO of DMart) completed in 2021 when he purchased an independent home in Malabar Hill.

As the number of billionaires in India continues to climb in 2023, real estate experts and luxury home specialists in India anticipate this trend to continue.

In 2022, there were almost a dozen deals (nine in Mumbai and two in Delhi) that soared above Rs 100 crore.

This year, Agarwal Holdings Private Limited, a subsidiary of Macleods Pharmaceuticals, paid Rs 332.8 crore for a 2-acre land in Juhu.

Ravi and Neel Raheja, the founders of K Raheja Group, purchased Juhu real estate for Rs 265 billion. The Santa Cruz property was acquired from industrialist Bharat Hari Singhania, his brother Raghupati Singhania, and other family members. The land size of the property is 2,869.40 square metres (sq m), while the footprint of the building is 737 sq m. (carpet). The purchasers paid Rs 15,900,000,000 in stamp duty, and the property was registered on April 29, 2022.

On May 27, 2022, Feat Properties Private Limited, a subsidiary of K Raheja Corp, acquired a property in Juhu, Mumbai, for Rs 182.7 crore. It bought a 3,278-square-meter home in the Juhu neighbourhood of Mumbai from the family of Bollywood filmmaker and producer BR Chopra.

Renu Ravi Chopra, his daughter-in-law, sold the property.

Madhav Prasad Agarwal of Sajjan India Limited purchased a luxurious duplex in Worli's Oberoi 360 West for Rs 153 crore. This is one of the priciest apartment offers available in 2022.

In 2022, I G E (India) Pvt. Ltd. (Investment and Holding Company) purchased an apartment in Worli's Oberoi 360 West for Rs 151 crore. The buyer purchased the two apartments on the 58th and 59th floors of the Annie Besant Road, Worli, complex from Oasis Realty, a subsidiary of Oberoi Realty. Each unit has an agreed-upon value of Rs 75.50 crore and an area of 8036 square feet.

Director of INOX Leisure Siddharth Jain purchased a quadruplex apartment in one of Mumbai's most affluent neighbourhoods, Worli, for Rs 144 crore. This unit consists of apartments on the 42nd, 43rd, 44th, and 46th floors of Raheja Legend on Dr. Annie Besant Road.

Aakash Chaudhry of Aakash Educational Services Limited purchased a property in Delhi's Chanakyapuri neighbourhood for Rs 137 crore. Chaudhry purchased the residence on Kautilya Marg, Diplomatic Enclave, Chankyapuri. This 1,293.47-square-meter property was registered on August 1, 2022.

Varun Jaipuria of Devyani International paid Rs 120 crore for a home in Delhi's post-Westend Green neighbourhood. Jaipuria, a full-time director of Varun Beverages, one of the largest PepsiCo franchisees outside the United States, had purchased a massive 2.5-acre farmhouse, making it one of the most valuable deals in Delhi.

Bollywood star Ranveer Singh and his father Jugjeet Singh Bhavnani purchased a quadruplex apartment in Mumbai's Bandra West for Rs 118.9 crore through O5O Media Works LLP.

In December 2022, Devvrat Developers purchased five premium residences in the Prahadevi neighbourhood of Mumbai for Rs 113 crore. The project is known as 25 South, and the units occupy an area of 1,9922 square feet.

There were at least 63 transactions with a ticket size between 50 and 100 crore rupees, 27 of which were in Mumbai, 16 in Delhi, 2 in Bengaluru, and 1 in Pune. Except for Mumbai, where the majority of luxury residences were flats, the majority of properties sold were detached bungalows with land.

Largest luxury real estate deals in Mumbai, Delhi and Bengaluru

The biggest transaction found in Mumbai was that of Agarwal Holdings Private Limited. The highest transaction in Delhi was Aakash Chaudhry of Aakash Education (part of BYJU) purchasing the Chanakyapuri house for Rs 137 crore.

NRJN Family Trust (Nandan Nilekani) purchased a 59-crore home in Koramangala, often known as Billionaire's Street, in Bengaluru. Bhagwati Devi Baldwa of SKP Labs and Director of Federation of Telangana Chambers of Commerce and Industry purchased a home in Jubilee Hills for Rs 38 crore in Hyderabad. In Pune, Rajan Ramesh Navani of JetSynthesys purchased a home in Koregaon Park for Rs 62,2 crore.

According to the ranking, the top transactional locales for luxury housing in India in each of these cities are:

Mumbai - Juhu, Bandra, Worli

Bengaluru - Koramangala, Sadashivnagar, Indiranagar

Delhi - Vasant Vihar, West End, Sunder Nagar

Hyderabad - Jubilee Hills

Pune - Koregaon Park

The buyer profiles for each of these luxury properties vary from business magnates to stars and actresses to new company owners.

Aakash Chaudhary of Aakash Education (sold to BYJU's); Ranveer Singh's father Jugjeet Singh Bhavnani; Chandrasekaran Natarajan (Chairman of Tata Group); Kushi Kapoor and Jhanvi Kapoor (actresses); Nandan Nilekani (Infosys) via NRJN Trust; Madhuri Dixit (actress); Rajkumar Rao (actor)

The ultra-luxury real estate market in India has had solid demand in 2022. In locales such as Worli in Mumbai, Vasant Vihar in Delhi, Koramangala in Bangalore, Jubilee Hills in Hyderabad, and Koregaon Park in Pune, such homes are in high demand. These sites and more like them are home to some of the richest and most prominent Indian business magnates, actors and actresses, and startup entrepreneurs.