January 7, 2025 |
Gurugram Surpasses Mumbai and Dubai in Ultra-luxury Housing Market – Check Average Property Price
Gurugram has emerged as a fierce competitor to Mumbai and Dubai in the luxury real estate category, setting new benchmarks and redefining urban opulence.
2024 has proven to be a groundbreaking year for India’s luxury real estate market. From stellar deals in Gurugram to blockbuster sales in Mumbai, the super-luxury living trend is reshaping the real estate landscape. Gurugram, in particular, has emerged as a fierce competitor to Mumbai and Dubai in the luxury real estate category, setting new benchmarks and redefining urban opulence.
As of December 2024, Gurugram’s DLF Camellias project is at the forefront of India’s real estate headlines, with record-breaking property deals positioning the city ahead of both Mumbai and Dubai in the ultra-luxury segment. “The most notable transaction was the purchase of a 16,290-square-foot penthouse at DLF Camellias by a top executive in the tech industry for a staggering ₹190 crore. This equates to an astonishing ₹1,80,000 per square foot, firmly establishing Camellias as India’s most expensive high-rise condominium,” informs Pradeep Mishra, CMD, ORAM Developments.
Posh Areas in Mumbai
Mumbai continues to dominate the luxury market in terms of deal numbers, thanks to its prime locations and consistent supply. Below is a detailed breakdown of property prices in Mumbai’s elite neighborhoods, according to ORAM Developments:
Juhu: Average Property Price – ₹55,000 to ₹60,000 per sq. ft.
Malabar Hill: Average Property Price – ₹50,000 to ₹55,000 per sq. ft.
Cuffe Parade: Average Property Price – ₹45,000 to ₹50,000 per sq. ft.
Bandra Bandstand: Average Property Price – ₹40,000 to ₹45,000 per sq. ft.
Tardeo: Average Property Price – ₹45,000 to ₹50,000 per sq. ft.
Pali Hill, Bandra: Average Property Price – ₹35,000 to ₹38,000 per sq. ft.
Worli Sea Face: Average Property Price – ₹36,000 to ₹39,000 per sq. ft.
Breach Candy: Average Property Price – ₹23,000 to ₹25,000 per sq. ft.
Seven Bungalows, Versova: Average Property Price – ₹30,000 to ₹32,000 per sq. ft.
Hiranandani, Powai: Average Property Price – ₹74,000 to ₹76,000 per sq. ft.
Altamount Road: Average Property Price – ₹57,000 to ₹59,000 per sq. ft.
JVPD Scheme: Average Property Price – ₹38,000 to ₹40,000 per sq. ft.
Luxury Real Estate Prices in Dubai
Dubai’s property market is renowned for its architectural marvels and global appeal. Below is a breakdown of property prices across key locations in Dubai:
Silicon Oasis, Arjan, Motor City, Sport City, Dubai South: Average Property Price – AED 2,000 (₹40,000) per sq. ft.
Business Bay, Meydan, District One, Dubai Hills: Average Property Price – AED 2,500 to AED 3,500 (₹50,000 to ₹70,000) per sq. ft.
Damac Hills, Damac Lagoon, Marina Starting Point of Palm Jumeirah: Average Property Price – AED 2,000 to AED 2,500 (₹40,000 to ₹50,000) per sq. ft.
Palm Jumeirah: Average Property Price – AED 5,000 to AED 50,000 (₹1,00,000 to ₹10,00,000) per sq. ft.
Gurugram’s Rise in Luxury Real Estate
The DLF Camellias deal has not only garnered nationwide attention but also overshadowed other high-profile real estate transactions across India. Some notable deals include:
A prominent industrial group’s acquisition of two apartments in Oberoi Three Sixty West, Worli, for ₹225 crore.
Another major deal involving a 13,809-square-foot property on the 62nd floor of the same building for ₹198 crore.
Three flats purchased at Lodha Malabar, Mumbai, for ₹263 crore.
A ₹130 crore bungalow transaction in New Delhi’s posh Kautilya Marg.
Drivers of Super-Luxury Real Estate Growth
“Gurugram has emerged as the new luxury capital of India, surpassing Delhi and Mumbai. Entrepreneurs and industrialists prefer to live closer to their workplaces in Gurugram, making it a hub for the elite. Iconic projects like DLF Aralias, launched 25 years ago at ₹1,800 per sq. ft., have paved the way for today’s luxury benchmarks like DLF Camellias, now commanding ₹1,80,000 per sq ft,” says Mishra.
Data from real estate consultancy firms reveal that 2024 saw 25 ultra-luxury residential deals priced above ₹40 crore across Mumbai, Hyderabad, Gurugram, and Bengaluru. The total value of these transactions amounted to ₹2,443 crore, with Mumbai leading in terms of deal numbers.
The Future of Luxury Real Estate
The rise of super-luxury real estate is fueled by increasing wealth, a desire for opulent lifestyles, and iconic projects that redefine urban living. Industry experts predict that this trend will continue through 2025, with more record-breaking deals and innovations in design and amenities.
For now, “DLF Camellias stands as a testament to Gurugram’s transformation into a luxury real estate powerhouse, setting benchmarks that rival the best in the world,” observes Mishra.
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