Gurugram Surpasses Mumbai in Ultra-Luxury Housing

Gurugram has emerged as India's most dynamic ultra-luxury housing market, clocking a record ₹24,120 crore in transactions for homes priced Rs 10 crore and above in calendar year 2025, positioning the city ahead of Mumbai in total transaction value for homes in the ₹10 crore-plus category. This represents a watershed moment for the National Capital Region, marking the first time any city outside the traditional luxury stronghold of Mumbai has dominated India's ultra-premium residential segment.

The transformation has been staggering in scope. Approximately 1,494 ultra-luxury homes were sold during the year — the highest number transacted in any 12-month period in Gurugram — reflecting a nearly tenfold rise in unit sales from just 155 homes in CY2023. Sales rose from ₹4,004 crore in 2023 to more than ₹24,000 crore in 2025, marking a sixfold rise driven by a combination of higher absorption and price appreciation across prime residential projects.

At the heart of this explosive growth lies a single catalyst: infrastructure transformation. Dwarka Expressway recorded a staggering 2,079% surge in transaction value — from ₹383 crore in CY2024 to ₹8,347 crore in CY2025 — supported by major luxury project launches and improved infrastructure connectivity. Among all micro-markets, Dwarka Expressway emerged as the undisputed leader in CY 2025, with units sold surging dramatically from 21 in CY 2024 to 630 in CY 2025, while transaction value skyrocketed from ₹383 crore to ₹8,347 crore.

Golf Course Extension Road has emerged as a secondary powerhouse. Golf Course Extension Road recorded a remarkable 379% rise in transaction value, increasing from ₹693 crore to ₹3,319 crore year-on-year, while weighted average prices jumped sharply from ₹24,855 per sq ft to ₹37,899 per sq ft. Golf Course Road continues to command the highest ticket sizes in the city and remains synonymous with established luxury living, though total sales value declined 28% year-on-year in CY 2025, largely due to limited fresh inventory rather than any softening in demand.

What's driving this seismic shift? According to industry experts, the answer lies in wealth creation and shifting buyer preferences. Tina Talwar, Area Director, India Sotheby's International Realty, noted that growth is no longer confined to legacy addresses, with emerging micro-markets such as Dwarka Expressway, Golf Course Road, and Golf Course Extension Road collectively driving a structural expansion supported by infrastructure upgrades, superior product launches, and enhanced connectivity. 103 Indian companies raised $19.54 billion through mainboard Initial Public Offerings (IPOs) in 2025, and this expansion in equity issuance coincided with higher participation in high-value residential transactions.

Buyer preferences have also fundamentally shifted toward space and lifestyle. Luxury buyers in 2025 are clearly prioritising space and lifestyle, with homes sized between 4,000–6,000 sq ft dominating the market with 1,029 units sold, accounting for 54% of total value share, while residences above 8,000 sq ft contributed 22% by value. Space, natural light, privacy, connectivity and amenities are becoming part of the purchase decision, with the Dwarka Expressway particularly interesting because it combines improving connectivity with newer residential planning.

Looking ahead, the momentum appears set to continue. The ultra luxury segment now contributes 24 percent of Gurugram's total residential market value, with the average ticket size in this category standing at ₹16 crore, with most homes sold falling in the 4,000 to 6,000 square feet range. For homebuyers seeking entry into India's most dynamic ultra-luxury market, 2026 promises to be a year of expanding choice—but also one of rising prices across both established and emerging corridors.