India is seeing a sharp rise in luxury real estate deals, with several ultra-rich individuals buying high-value homes in top cities. The latest example is Leena Gandhi Tewari, chairperson of pharmaceutical company USV Limited. She has bought two duplex flats in Mumbai’s upscale Worli area for a massive Rs 635 crore. The combined size of the flats is 22,572 square feet, with a record price of Rs 2.83 lakh per square foot.

This is not a one-off case. In recent years, many wealthy Indians have been putting big money into luxury homes. For instance, the Kotak family recently bought a sea-facing building in Mumbai’s Worli for Rs 628 crore. Radhakishan Damani, the owner of D-Mart, also purchased a bungalow in Malabar Hill for Rs 1,000 crore. This trend shows that India’s rich are not just investing in stocks or startups anymore—they are turning to land and real estate, especially in prime locations. Experts say the demand for luxury housing is very high, but the supply is limited. Areas like Lutyens’ Delhi, Worli in Mumbai, Malabar Hill, and Golf Course Road in Gurugram are the most sought after. In some projects like DLF Camellias in Gurugram, property prices have reached as high as Rs 1.17 lakh per square foot.

Some of these deals have future plans behind them. For example, the Kotak family’s newly purchased building may be redeveloped into luxury apartments or commercial spaces. So, these are not just homes—they are smart investments too. A report by property consultant Knight Frank shows that luxury housing prices in Indian cities are rising fast. Bengaluru is ranked fourth, Mumbai fifth, and Delhi fifteenth among 45 global cities with the fastest-growing luxury property markets. The Knight Frank Wealth Report 2024 also reveals that the number of ultra-rich Indians grew by 6% last year to 85,698. This number is expected to reach 93,753 by 2028. These individuals are now investing more in real estate—32% of their total wealth in 2024 compared to 25% in 2020.