Since 2025, India’s ultra-rich have been on a house-hunting spree, with business families, entrepreneurs and executives signing cheques running into tens and hundreds of crores for some of the country’s most expensive homes.
What makes the headline today, however, is not just entrepreneur Manav Sardana purchasing a ₹271-crore penthouse. It is the location. And it is not some sea-facing property in Mumbai. It is in the tall towers of Gurugram.
Also Read: Entrepreneur Manav Sardana buys DLF The Dahlias penthouse in Gurugram for record Rs 271 crore
Sardana’s purchase at DLF The Dahlias is among a series of big-ticket transactions that show how India’s ultra-luxury housing market is spreading beyond its traditional Mumbai stronghold.
But the bigger story is in the numbers. The market for ₹40-crore-plus homes is no longer made up of a handful of one-off deals. At the same time, the supply picture at the lower end is moving in the opposite direction.
| Buyer | Property / project | City | Reported value | Year |
| Leena Gandhi Tewari | Two sea-facing duplexes, Naman Xana | Mumbai | ₹639 cr | 2025 |
| Uday Kotak & family | Multiple apartments / property at Shiv Sagar | Mumbai | ₹400+ cr | 2025 |
| Ravi Agarwal & family | Six apartments, Kalpataru Prive | Mumbai | ₹227 cr | 2025 |
| Tanya Dubash | Duplex, Naman Xana | Mumbai | ₹226 cr | 2025 |
| Shreegopal Kabra | Two apartments, Oberoi Three Sixty West | Mumbai | ₹198 cr | 2025 |
| Sukhpal Singh Ahluwalia | Apartment, The Camellias | Gurugram | ₹100 cr | 2025 |
| Kriti Sanon | Duplex penthouse, Supreme Prana | Mumbai | ₹78.2 cr | 2025 |
| Manav Sardana | Penthouse, DLF The Dahlias | Gurugram | ₹271 cr | 2026 |
| Tanya Dubash & Shaula Real Estates | Two apartments, Naman Xana | Mumbai | ₹294+ cr | 2026 |
| Ajit Jain | Apartment, DLF The Dahlias | Gurugram | ₹85 cr | 2026 |
| Radhi Navani | Sea-facing apartment, Naman Xana | Mumbai | ₹162.2 cr | 2026 |
| Madhusudan Kela | Apartment, DLF The Dahlias | Gurugram | ₹121 cr | 2026 |
| Shreya Ghoshal | Two apartments, Worli | Mumbai | ₹60 cr | 2026 |
₹20 crore is where the big money begins
Homes priced between ₹20 crore and ₹50 crore recorded 371 sales across India’s major cities in H1 2026, more than double the 181 sold in the same period a year earlier. That is a 105% year-on-year jump, the fastest growth among all price categories tracked by Knight Frank.
Mumbai accounted for 214 of those sales, or 57%.
Then comes the ₹50-crore-plus club.
Also Read: India’s middle class may have little room in the richer housing market
Thirty-five homes priced above ₹50 crore were sold across India in H1 2026, with Mumbai accounting for 23 and NCR for the remaining 12. The numbers are tiny compared with India’s overall housing market, but the ticket sizes make this one of its most visible segments.
The ₹100-crore home is also becoming less of an outlier.
In 2024, 59 homes priced above ₹40 crore were sold across India for a combined ₹4,754 crore, according to ANAROCK data. At least 17 of those transactions crossed ₹100 crore.
Mumbai accounted for 52 of the 59 deals.
Now, Gurugram wants in
This is where Sardana’s ₹271-crore purchase becomes interesting.
Gurugram has emerged as a serious contender in India’s ultra-luxury housing market, with DLF The Dahlias producing several high-value transactions.
Investor Madhusudan Kela bought an apartment at the project for about ₹121 crore. Berkshire Hathaway vice chairman Ajit Jain bought one for about ₹85 crore.
The city’s wider luxury market is also expanding.
In 2025, Gurugram recorded 1,494 transactions for homes priced at ₹10 crore and above, worth ₹24,120 crore, according to India Sotheby’s International Realty and CRE Matrix. The value was nearly six times the ₹4,004 crore recorded in 2023.
Gurugram also overtook Mumbai in total transaction value in the ₹10-crore-plus category in 2025.
In NCR, there is also a different kind of big-ticket property play: renting the right address. Rents for Lutyens’ Delhi coveted bungalows are touching ₹20 lakh a month, even as homes in the enclave are rarely available for sale.
Mumbai still owns the ₹100-crore club
Gurugram may be gaining ground, but Mumbai continues to dominate the very top end.
More than 30 homes priced above ₹40 crore were sold in Worli over a 24-month period, generating more than ₹5,500 crore in transactions, according to ANAROCK and 360 ONE Wealth data. More than 20 transactions above ₹100 crore were recorded in the micro-market over three years.
The individual deals explain the scale.
USV chairperson Leena Gandhi Tewari bought two duplex apartments at Naman Xana in Worli for about ₹639 crore in 2025.
Tanya Dubash bought a duplex at Naman Xana for about ₹226 crore in 2025. In 2026, two more apartments linked to her were acquired at the same project for more than ₹294 crore.
Radhi Navani, wife of eClinicalWorks co-founder Girish Navani, bought a sea-facing apartment at Naman Xana for ₹162.2 crore.
Uday Kotak and his family have also made multiple high-value purchases in Worli, with their reported spending at one building crossing ₹400 crore.
The ₹50-crore club is growing and so is its inventory
The surge in transactions is being accompanied by more premium supply.
Knight Frank’s H1 2026 data shows unsold inventory in the ₹20-50 crore category rose 52% year-on-year. Homes priced above ₹50 crore had around 9.7 quarters of inventory, while the ₹20-50 crore segment had about 14.2 quarters of inventory at the prevailing sales pace.
The absolute number remains small. The combined inventory in the ₹20-50 crore and ₹50-crore-plus categories was about 2,081 units.
Developers are nevertheless making bigger bets on the segment.
Sunteck Realty has announced ultra-luxury projects with homes priced between ₹100 crore and ₹500 crore, with a combined gross development value of about ₹20,000 crore.
The message from developers is clear: there is enough demand at the top end to keep building for buyers willing to write very large cheques.
Meanwhile, the ₹1-crore home is becoming more common
The bigger shift is happening below the ₹20-crore mark.
Homes priced above ₹1 crore accounted for 54% of all residential sales in H1 2026, up from 49% a year earlier, according to Knight Frank.
The ₹1-2 crore category was the largest, with 50,488 homes sold, accounting for 29% of total sales.
At the other end, homes priced below ₹50 lakh accounted for just 19% of sales, with 32,063 units sold. That was a 15% decline from a year earlier.
The ₹50 lakh-₹1 crore category accounted for another 27% of sales, but volumes fell 5%.
Knight Frank’s Gulam Zia said the growing share of premium housing reflects both rising affluence among wealthier buyers and the gradual disappearance of affordable homes as years of price increases have pushed them beyond the reach of many households.
Two property markets, one India
The contrast is hard to miss.
At one end, 35 homes above ₹50 crore were sold in just six months, while sales of ₹20-50 crore homes more than doubled.
At the other, homes below ₹50 lakh made up less than one-fifth of residential sales, while much of the available stock in premium locations across Gurugram, Noida and Delhi is now concentrated in projects priced above ₹2 crore, according to Knight Frank.
The housing market is therefore not moving uniformly up the price ladder. It is splitting into very different markets, shaped by what buyers can afford — and, at the very top, what they are willing to pay for an address.