Gurugram Surpasses Mumbai as India's Largest Housing Market with Transactions Exceeding Rs 10 Crore

India's Luxury Housing Market: Gurugram Surges Ahead of Mumbai

Key Findings:

• Gurugram has surpassed Mumbai as the largest market by value for ultra-luxury homes priced at Rs 10 crore and above in 2025, with transactions worth Rs 24,120 crore.
• Mumbai has sold ultra-luxury homes worth Rs 21,902 crore in the Rs 10 crore and above category in 2025.
• The ultra-luxury sales in Gurugram have seen a nearly tenfold jump in unit sales from 155 homes in 2023 to 1,494 homes in 2025.

Market Growth:

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• The ultra-luxury housing market in Gurugram expanded six-fold in two years, from Rs 4,004 crore in 2023 to over Rs 24,000 crore in 2025.
• The city's ultra-luxury residential hub has cemented its position as India's most dynamic market.
• In 2024, Gurugram sold ultra-luxury homes worth Rs 13,383 crore.

Emerging Trends:

• Ultra-luxury housing accounted for 24 percent of Gurugram's total residential market value in 2025, with an average ticket size of around Rs 16 crore per home.
• Homes averaging about 5,000 sq. ft. dominated demand, particularly in the 4,000–6,000 sq. ft. category.
• Residences larger than 8,000 sq. ft. contributed nearly 22 percent of total transaction value, highlighting buyers' willingness to pay a premium for scale, privacy, and exclusivity.

New Growth Corridors:

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• Emerging luxury corridors such as Dwarka Expressway, Golf Course Road, and Golf Course Extension Road have driven much of the expansion, supported by infrastructure upgrades, new supply, and enhanced connectivity.
• Dwarka Expressway posted a staggering 2,079 percent jump in transaction value, rising from Rs 383 crore in 2024 to Rs 8,347 crore in 2025.
• Golf Course Extension Road recorded a 379 percent increase in sales value, alongside sharp price appreciation, with weighted average prices climbing from Rs 24,855 per sq. ft. to Rs 37,899 per sq. ft.

Wealth Creation:

• Market participants link the boom to broader capital formation and entrepreneurial wealth, with 103 Indian companies raising a record $19.54 billion through mainboard IPOs in 2025.
• The nearly tenfold growth in the luxury segment over the past two years reflects sustained buyer confidence and a maturing demand profile.