Sky-High Living: India’s Ultra-Rich Swap Bungalows For Penthouses
The era of sprawling bungalows as the pinnacle of luxury living is fading—India's wealthiest are now looking up, quite literally.
High-rise apartments have overtaken bungalows in the Rs 100 crore-plus segment, emerging as the preferred choice for India's ultra-luxury homebuyers. A report by JLL found that 65% of ultra-luxury home sales in the past three years were apartments, challenging the traditional preference for sprawling villas and standalone mansions.
Developers are responding to this demand by offering sky-high residences with resort-like amenities and exclusive privacy, making them the new status symbol for the country's wealthiest buyers, according to Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
These properties are in the Rs 100 crore-plus bracket spanning between 10,000 and 16,000 sq. ft. The real estate research management company expects demand for such penthouses to remain steady as more developers enter this niche segment.
This trend aligns with findings from Knight Frank's January report, which noted a broader shift in urban real estate trends, with luxury penthouses and high-end office spaces booming while affordable housing loses ground. Sales of homes priced under Rs 50 lakh declined across major markets as developers prioritised high-margin premium projects, leading to a shrinking inventory in the lower segment.
Ultra-Luxury Market Sees Record Sales in 2024
The JLL report highlights an unprecedented surge in demand for ultra-luxury homes, with nearly half of all Rs 100 crore-plus sales occurring in 2024 alone. In total, Rs 7,500 crore has been invested in ultra-luxury homes since 2022, with Rs 3,652 crore of that coming in 2024 alone.
Knight Frank's data further supports this, stating that high-ticket properties accounted for 46% of total residential sales in the second half of 2024, driven by growing demand for homes above Rs 1 crore.
JLL attributes this trend to a rise in billionaire count, increased liquidity, and developers catering to premium buyers. So far in 2025, four ultra-luxury home sales have been recorded in just the first two months, totalling Rs 850 crore.
The key buyer profile includes C-suite executives, Bollywood celebrities, startup founders, and business tycoons, signalling a shift in wealth-driven real estate investments.
Notably, Gurugram has emerged as a strong contender in this segment, with luxury high-rises on Golf Course Road gaining traction alongside Delhi's Lutyens Bungalow Zone.
Mumbai remains the epicenter of ultra-luxury real estate, accounting for 69% of the 49 homes sold above Rs 100 crore in the past three years. Going forward, the demand for these limited number of units is likely to remain steady as more realty players are getting into developing such prestigious homes, says JLL.
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