Gurgaon overtakes Mumbai to become India's top luxury housing market

25 Feb 2026

Gurgaon has surpassed Mumbai in luxury housing sales for the first time in five years, driven by HNI demand, new micro-markets and major infrastructure upgrades, a new report shows

In a shift in India’s real-estate map, Gurgaon has gone ahead of Mumbai to emerge as India’s largest market for luxury homes, clocking transactions worth ₹24,120 crore for homes priced at ₹10 crore and above in 2025.

This is an 80 per cent rise over the ₹13,384 crore reported for 2024, according to a joint report by India Sotheby’s International Realty and CRE Matrix.

On the other hand, Mumbai’s luxury market remained relatively stagnant, recording transactions worth ₹21,902 crore for the high-end segment in 2025 as against ₹20,415 crore in 2024.

While Mumbai has traditionally held the crown for being the most expensive real-estate market, it has been outpaced for the first time in the last five years due to reasons such as Gurgaon seeing an unprecedented shift of high net-worth individuals (HNIs) towards luxury properties.

“Mumbai has not stagnated. It is just that Gurgaon has done better due to the emergence of new micro markets and infrastructure developments in the last couple of years,” an industry executive told Business Standard.

Gurugram’s shift towards being a bankable luxury market has been led by several high-profile project launches in the last two years. This includes luxury housing projects such as DLF’s Dahlias and Camellias, which have prices in the range ₹70 crore-102 crore. The market also saw the entry of branded residences helmed by global players such as the Trump Organization and Elie Saab.

The report states that micro-markets such as the Dwarka Expressway, Golf Course Road, and Golf Course Extension Road together drove much of Gurugram’s expansion in 2025, supported by infrastructure upgrades, new supply, and enhanced connectivity.

The Dwarka Expressway saw a 2,079 per cent jump in transaction value, rising from ₹383 crore in 2024 to ₹8,347 crore in 2025.

Similarly, Golf Course Extension Road recorded a 379 per cent increase from ₹3,319 crore in 2025 from ₹693 crore in 2024.

Gurugram’s rise has been complemented by sales of approximately 1,494 homes in the price segment of ₹10 crore and above, which is the highest ever recorded in any 12-month period in the city.

The surge marks a nearly tenfold jump in unit sales from just 155 homes in 2023, underscoring accelerating wealth creation and growing participation from HNIs and ultra-HNIs.

Meanwhile, in Mumbai 967 units in this price segment were sold in 2025, as against 924 units sold in 2024.

Ultra-luxury housing accounted for 24 per cent of Gurugram’s residential market value in 2025, with an average ticket size of around ₹16 crore per home, signalling sustained appetite for large, premium residences.

Residential units averaging about 5,000 square feet dominated demand, with the 4,000-6,000 square foot category being the most bought at 1,029 units of the 1,494 luxury homes sold in 2025.

Such residences contributed 54 per cent of the transaction share, whereas units larger than 8,000 square feet contributed nearly 22 per cent of the total value, highlighting buyers’ willingness to pay a premium for scale, privacy, and exclusivity.

Industry executives linked the boom to broader capital formation and entrepreneurial wealth.

“In 2025 alone, 103 Indian companies raised a record $19.54 billion through mainboard initial public offerings, creating a cohort of founders and promoters entering the ultra-luxury housing segment,” said Tina Talwar, area director, India Sotheby’s International Realty. Abhishek Kiran Gupta, cofounder and chief executive officer, CRE Matrix, added that the nearly tenfold growth in the luxury segment over the past two years reflected sustained buyer confidence and a maturing demand profile.

News Source : Business Standard.

Frequently Asked Questions

What is the difference between capital appreciation and rental yield?

Appreciation is the rise in the property value over time; rental yield is the annual rent as a share of the price. Most Indian homes give modest yield and rely on appreciation.

How much should I keep as a buffer beyond the price?

Set aside for stamp duty, registration, GST where it applies, interiors, and a contingency. A buffer of a meaningful share above the base price is prudent.

Is a home loan pre-approval useful?

Yes, a pre-approved loan tells you your budget, speeds up booking and strengthens your negotiating position with sellers. Get it before you shortlist seriously.

How do I choose between two similar projects?

Compare the builder record, RERA status, carpet area, real amenities, connectivity and total cost, not just the headline price. Visit both before deciding.

What stamp duty and registration charges apply in Gurgaon?

Stamp duty and registration vary by state and are usually a few percent of the property value, with a small rebate for women buyers in many states. Confirm the current Gurgaon rate before you budget.

How much home loan can I get to buy in Gurgaon?

Most buyers get a loan for 75-90% of the value, tied to income and credit score. Our home loan by salary guide shows the ranges.

What documents do I need to buy property in Gurgaon?

Identity and address proof, PAN, income papers for a loan, and the property title chain, approvals and latest tax receipts. Keep both sides KYC ready for registration.

How do I check if a project is RERA-registered?

Search the state RERA portal by project or builder name for the registration number and approved plan. Our RERA check guide explains it.

Can NRIs buy property in Gurgaon?

Yes, NRIs can buy residential and commercial property in India, though not farm land. Payments must come through banking channels, and a trusted power of attorney helps if you are abroad.

What taxes apply when I sell property in Gurgaon?

You pay capital gains tax on the profit, lower if you hold beyond the long-term period, with reliefs if you reinvest in another home. Take advice before you sell.

Is it a good time to buy in Gurgaon?

Timing matters less than buying the right property at a fair price with clean papers. If a home fits your budget and needs, waiting for a perfect market rarely pays.

How do I verify a property title in Gurgaon?

Check the chain of ownership, the latest record, any loan or lien and pending dues, and match the seller identity to the title. A local lawyer can vet the deed.

What should I check during a site visit in Gurgaon?

Construction quality, water and power backup, the neighbourhood, road access, and how the actual unit compares to the brochure. Visit at different times of day if you can.

Can I negotiate the price in Gurgaon?

Resale and ready inventory are usually negotiable, while fresh launches have fixed rates but may waive some charges. Compare recent deals nearby to judge a fair price.

What is the difference between carpet area and super area?

Carpet area is the usable space inside your walls; super area adds a share of common areas. Always confirm the carpet area you actually get before comparing prices.

What extra costs come beyond the price in Gurgaon?

Budget for stamp duty and registration, GST on under-construction homes, parking, club and maintenance deposits, and loan fees. Ask for a full cost sheet upfront.

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Gurgaon overtakes Mumbai to become India's top luxury housing market