Mumbai Leads India’s Luxury Property Boom As HNIs Spend 7,186 Crore In 2025; ₹739 Crore Pharma Deal Sets New Benchmark

India’s ultra-wealthy made a strong statement in the residential real estate market in 2025, spending more than ₹7,186 crore on 51 super-luxury homes, marking one of the strongest years on record for the high-end housing segment. Data collated by real estate analytics platform Zapkey shows a sharp surge in both deal volumes and ticket sizes, reflecting a decisive shift in luxury benchmarks.

Mumbai emerged as the undisputed leader of this boom, accounting for the bulk of high-value transactions and reinforcing its position as India’s premier luxury real estate destination.

Mumbai Dominates Ultra-Luxury Market

Mumbai alone recorded 35 ultra-luxury transactions worth approximately ₹5,100 crore during the year, far ahead of any other city. Delhi NCR followed with 12 high-value deals, most of them concentrated in the elite Lutyens’ zone.

Within Mumbai, Worli stood out as the epicentre of billionaire home-buying activity. The locality accounted for 21 of the year’s top luxury deals, cementing its status as the city’s most coveted residential address for ultra-high-net-worth individuals (UHNWIs).

While Mumbai buyers showed a clear preference for vertical luxury living in sea-facing high-rises, Delhi NCR saw over ₹1,500 crore spent largely on sprawling independent bungalows in prime locations such as APJ Abdul Kalam Road and Golf Links.

₹200 Crore Is The New ₹100 Crore

Data from Zapkey revealed a dramatic reset in ultra-luxury pricing benchmarks in 2025. The year recorded the highest-ever number of super-luxury transactions, with nine deals crossing the ₹200 crore mark.

The ₹100 crore club expanded significantly, with a record 30 residential transactions exceeding the ₹100 crore threshold—underscoring growing buyer appetite for rare, large-format, ready-to-move-in homes in prime locations.

₹739 Crore Worli Deal Steals The Spotlight

The biggest highlight of the year was pharmaceutical firm USV chairperson Leena Gandhi Tewari’s ₹739 crore purchase of two sea-facing duplex apartments in Mumbai’s Worli area—the largest residential property transaction ever recorded in India.

The duplexes, located in Naman Xana, a 40-storey ultra-premium tower on Worli Sea Face, span the 32nd to 35th floors and have a combined carpet area of 22,572 sq ft. As per registration documents dated May 28, 2025, the deal was priced at over ₹2.83 lakh per sq ft.

The luxury tower houses just 16 residences, including simplex units, duplexes and a penthouse, making such properties extremely scarce. Real estate experts noted that the transaction was a personal end-use purchase rather than an investment-driven deal, highlighting a growing preference among UHNWIs for large, move-in-ready homes with unobstructed sea views.

Pharma Wealth Flows Into Real Estate

The Worli transaction also reflected a broader trend of pharmaceutical wealth flowing into luxury real estate. Industry experts attribute this to post-pandemic wealth creation and a growing perception of real estate as both a safe and aspirational asset.

“Buyers at this level are not speculators. They are looking for long-term, high-quality residences and are willing to pay a premium for rarity and location,” real estate experts said.

Other notable deals included Kotak Mahindra Bank founder Uday Kotak and his family purchasing an entire building comprising 22 flats in Worli for over ₹400 crore, along with additional sea-facing apartments worth more than ₹200 crore in the Shiv Sagar Building.

In Delhi NCR, one of the year’s costliest deals saw Gentex Merchants Pvt Ltd, linked to steel tycoon Lakshmi Mittal, acquire a 3,540-square-yard bungalow on APJ Abdul Kalam Road for ₹310 crore.

Outlook For 2026

According to Sandeep Reddy, co-founder of Zapkey, the momentum in the ultra-luxury segment is likely to continue into 2026, particularly if IPO-driven wealth generated in 2025 continues to flow into real estate.

With limited supply of HNI-grade homes in prime locations and rising demand from India’s wealthiest families, experts expect the super-luxury housing market to remain buoyant in the coming year.