The year 2024 has marked a historic high for India’s luxury real estate market, with headline-grabbing deals from Gurgaon to Mumbai. This boom has been fueled by a growing demand for ultra-luxury living. According to CNBC-TV18’s Shivani Bazaz, Gurgaon is now challenging Mumbai and Bengaluru in the luxury real estate segment, and this trend appears to be just beginning.
As of December 2024, DLF’s Camellias project in Gurugram is at the forefront of India’s real estate spotlight, setting records that position the city ahead of Mumbai in the ultra-luxury space.
One of the standout transactions was made by Rishi Parti, CEO of Info-x Software Technology, who purchased a 16,290-square-foot penthouse at DLF Camellias for ₹190 crore. At ₹1,80,000 per square foot, this deal has cemented Camellias as the country’s most expensive high-rise residential development.
This landmark transaction has drawn national attention to Gurugram, eclipsing other significant real estate deals across India, including:
- Great White Global’s purchase of two apartments at Oberoi Three Sixty West, Worli, for ₹225 crore.
- RR Kabel promoter Shreegopal Kabra acquiring a 13,809-square-foot property on the 62nd floor of the same building for ₹198 crore.
- Asha Mukul Agrawal from Param Capital buying three flats at Lodha Malabar, Mumbai, for ₹263 crore.
Samir Jasuja, Founder of PropEquity, noted, “Gurgaon has emerged as India’s new luxury capital, surpassing Delhi and Mumbai. Successful startup founders and industrialists are increasingly choosing to live closer to their workplaces in Gurgaon.”
Jasuja also highlighted the evolution of luxury living in the region, with projects like DLF Aralias, launched 25 years ago at ₹1,800 per square foot, paving the way for today’s benchmarks such as DLF Camellias, now commanding ₹1,80,000 per square foot.
Data from Anarock, a real estate consultancy, reveals that 2024 witnessed 25 ultra-luxury residential transactions priced above ₹40 crore across cities like Mumbai, Hyderabad, Gurugram, and Bengaluru, totaling ₹2,443 crore. Mumbai led in terms of deal volume.
Santosh Kumar, Vice Chairman of Anarock India, explained, “Mumbai remains the leader in the ultra-luxury segment, driven by celebrity buyers and young entrepreneurs. While Gurgaon boasts iconic projects like Camellias, Mumbai’s prime locations and steady supply secure its dominance.”
The surge in super-luxury real estate is driven by rising wealth, a growing appetite for opulence, and groundbreaking projects that redefine modern living. Industry experts predict this trend will gain momentum in 2025, with more record-breaking deals and innovative developments.
For now, DLF Camellias stands as a beacon of Gurugram’s rise as a luxury real estate hub, setting standards that compete with the finest properties globally.
