Monday, 02 Mar, 2026
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Dwarka Expressway saw the sharpest surge, with transaction value jumping 2,079% from Rs 383 crore in 2024 to Rs 8,347 crore in 2025. Golf Course Extension Road followed, up 379% to Rs 3,319 crore
India’s luxury housing map is being redrawn. In 2025, Gurugram overtook Mumbai to become the country’s largest market for homes priced at Rs10 crore and above, recording transactions worth Rs 24,120 crore. The figure marks an 80% jump from Rs 13,384 crore in 2024, according to a joint report by India Sotheby’s International Realty and CRE Matrix.
Mumbai, long regarded as India’s most expensive real-estate market, posted comparatively modest growth. Transactions in its luxury segment stood at Rs 21,902 crore in 2025, up from Rs 20,415 crore a year earlier. While the city did not contract, it was outpaced decisively by Gurugram—a first in at least five years.
The shift reflects not a decline in Mumbai’s appeal, but a surge in Gurugram’s. The National Capital Region hub has seen a sharp migration of high net-worth individuals (HNIs) and ultra-HNIs toward newly launched luxury projects, backed by infrastructure upgrades and the emergence of new micro-markets.
High-profile developments have anchored this transformation. Projects such as DLF’s Dahlias and Camellias, priced between Rs 70 crore and Rs 102 crore, have set new benchmarks for ticket sizes. The entry of branded residences led by global names including the Trump Organisation and Elie Saab has added cachet and international positioning to the city’s luxury profile.
Much of the growth has been concentrated in three micro-markets: Dwarka Expressway, Golf Course Road and Golf Course Extension Road. Improved connectivity, fresh supply and sustained investor interest drove volumes sharply higher.
Dwarka Expressway posted the most dramatic jump. Transaction value there surged 2,079%, rising from Rs 383 crore in 2024 to Rs 8,347 crore in 2025. Golf Course Extension Road recorded a 379% increase, climbing from Rs 693 crore to Rs 3,319 crore over the same period. These corridors have effectively reshaped Gurugram’s premium housing geography.
Sales volumes tell a similar story. About 1,494 homes priced at Rs 10 crore and above were sold in Gurugram in 2025—the highest ever recorded in a 12-month period for the city. That represents nearly a tenfold increase from just 155 such units sold in 2023, underscoring the pace of wealth creation and buyer participation at the top end.
By comparison, Mumbai saw 967 luxury units sold in 2025, up slightly from 924 units in 2024. The numbers point to steady demand, but not the explosive growth seen in Gurugram.
Ultra-luxury homes accounted for 24% of Gurugram’s total residential market value in 2025, with an average ticket size of around Rs 16 crore. Large-format apartments dominated preferences. Units averaging roughly 5,000 square feet led demand, with the 4,000–6,000 sq ft segment accounting for 1,029 of the 1,494 luxury homes sold.
These mid-to-large luxury residences contributed 54% of transaction share. Meanwhile, homes exceeding 8,000 square feet accounted for nearly 22% of total transaction value, highlighting buyers’ willingness to pay a premium for scale, privacy and exclusivity.
Industry executives attribute the boom to expanding capital formation. In 2025 alone, 103 Indian companies raised a record $19.54 billion through mainboard initial public offerings, creating a new pool of founders and promoters entering the ultra-luxury housing segment, Tina Talwar of India Sotheby’s International Realty, told the Business Standard. CRE Matrix’s Abhishek Kiran Gupta added that the sharp rise in transactions reflects a maturing demand profile and sustained buyer confidence.
The broader takeaway is clear: luxury demand in India is no longer synonymous with Mumbai. Gurugram has emerged as a parallel—and now leading—destination for high-value residential investment, signalling a structural shift in where India’s new wealth chooses to live.
