surveys. Property consultancy Anarock Group estimates that 99 ultra-luxury residential deals worth a combined ₹8,069 crore were closed in India's top cities in 2022, 2023 and 2024 (till August).
According to Mehta, while most buyers of such ultra-expensive houses—typically billionaire industrialists, tech CEOs, film celebrities, and non-resident Indians—do so for personal use, a niche group buys such properties to cash in when the value appreciates.
Overall, India's real estate market surged in 2024, with a 16% jump in the overall sales value due to average price appreciation and increasing unit or home sizes. However, in terms of home sales, the sector saw a slight drop.
At Pali Hill, one of the costliest localities in Mumbai adjoining Bandra's hustle-bustle, stands Rustomjee Group's Parishram project amid an array of trees with chirruping birds.
The to-be residents at Parishram, which is under construction and expected to be completed by February, prefer the property for the location's exclusivity. Around it are homes of some of Bollywood's biggest celebrities.
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