India's wealthiest are driving a surge in luxury real estate, pouring hundreds of crores into some of the country's most exclusive addresses. What used to be a trickle of high-end deals has become a stampede, with business tycoons, investors, and founders acquiring trophy homes in prime locations from Mumbai to Delhi and Gurugram.
In what is now the country's most expensive residential transaction, Leena Gandhi Tewari, chairperson of pharmaceutical major USV Ltd, purchased two sea-facing duplex apartments in Mumbai's Worli area for Rs 639 crore. The deal was first reported by The Economic Times, which noted the apartments span a combined 22,572 sq ft. At Rs 2.83 lakh per square foot, it set a new national benchmark. With stamp duty and GST, the total cost approached Rs 703 crore.
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Tewari's acquisition isn't an outlier. According to the Knight Frank Wealth Report 2024, Indian ultra-high-net-worth individuals (UHNWIs) are now allocating 32 per cent of their total wealth to residential real estate, up from 25 per cent in 2020. The report tracked the investment behaviour of affluent individuals across 45 countries and cited India as a rising hotspot for luxury real estate.
Another recent study, CBRE India Market Monitor Q1 2025, reported a 74 per cent year-on-year jump in equity investments in Indian real estate during the January–March quarter, totalling $3 billion. The firm attributed the rise to greater developer activity and growing interest in real estate investment trusts (REITs), with the luxury segment playing a leading role.
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Meanwhile, the Knight Frank Prime Global Cities Index Q1 2025 placed Bengaluru, Mumbai, and Delhi among the world's top 15 cities for luxury residential price appreciation. Bengaluru ranked 4th globally, followed by Mumbai at 5th and Delhi at 15th.
Top Luxury Real Estate Deals in India
Radhakishan Damani, founder of DMart, reportedly paid Rs 1,000 crore for a 1.5-acre heritage bungalow in Mumbai's Malabar Hill, according to Moneycontrol. The property is seen as a redevelopment opportunity.
Leena Gandhi Tewari, as reported by The Economic Times, acquired two high-end duplexes in Worli for Rs 639 crore, with a per sq ft cost of Rs 2.83 lakh — the highest ever in India.
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The Kotak family purchased 21 of 24 apartments in a sea-facing building on Worli Sea Face, for a total of Rs 628 crore. The deal, reported by ET Realty, is being viewed as a strategic consolidation.
Kumar Mangalam Birla paid Rs 425 crore for the 25,000 sq ft Jatia House, one of Mumbai's most iconic bungalows. This deal was originally reported by Times of India.
The Taparia family bought six luxury apartments in Three Sixty West, Worli, for Rs 369 crore. Details appeared in ET Realty and Moneycontrol.
Rishi Parti and family acquired a penthouse and an additional apartment in DLF Camellias, Gurugram, for a combined Rs 285 crore. The rate touched Rs 1.17 lakh per sq ft, according to Anarock and media disclosures.
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Nadir Godrej reportedly spent Rs 180 crore for three high-end apartments in Malabar Hill, as confirmed by The Economic Times.
Vasudha Rohatgi, former Solicitor General, purchased a bungalow in Delhi's Golf Links for Rs 160 crore. Registry data confirmed the plot measures 2,160 square yards.
Bhanu Chopra, founder of RateGain, entered the luxury market with a Rs 127.5 crore bungalow deal in Golf Links, New Delhi, as per Hindustan Times.
Gaurav Trehan, India head of KKR, acquired a 5,381 sq ft sea-facing flat with a private deck in Malabar Hill for Rs 88 crore, reported by ET Realty.
NRIs Investing In Their Homeland For Luxury and Ultra-Luxury Segment
According to experts, non-resident Indians (NRIs) living abroad are also driving the investment in ultra-luxury real estate properties.
Salil Kumar, Director, Marketing & Business Management, CRC Group, while speaking with Outlook Money, said, "High-net-worth individuals and NRIs are no longer investing merely for lifestyle upgrades, but to secure long-term assets and preserve family legacies, with environmentally conscious, high-quality developments seeing the highest demand.
Concerting with Kumar's opinion Vibhor Tyagi, MD, VVIP Group, while speaking with Outlook Money said, "High-income NRIs are increasingly spending money in India's ultra luxury real estate, motivated by planning for the future and a desire to preserve family legacy and culture, along with local businessmen and professionals who continue to dominate the segment."
Another Dataset Draws A Contrasting Image
While recent headlines spotlight high-profile billionaire home buys and record ticket prices, a research report released on May 31, 2025, from ANAROCK revealed a softening undercurrent in Mumbai's luxury market. For the first time since 2022, unsold inventory in the Rs 2.5 crore-plus segment rose 36 per cent year-on-year in Q1 2025, from 6,180 to 8,420 units. This reversal comes after two consecutive years of sharp declines, including a 53 per cent drop last year. Analysts attribute the rise not just to increased supply but also to demand fatigue, price resistance, and global economic headwinds. Despite high property registration numbers citywide, sales in Mumbai during Q1 2025 actually fell 28 per cent from the same period last year, suggesting that record deals may be the exception, not the trend.
Anuj Puri, Chairman, ANAROCK Group, said, "The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last year. As per ANAROCK data, 2024 saw as many as 16,480 units added in the Rs 2.5 crore budget category in the entire MMR, while another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last year," as quoted in the official statement.
