Gurugram has overtaken Mumbai to become India’s largest luxury housing market, registering transactions worth Rs241.2 billion (bn) in 2025 for homes priced at Rs100 million (mn) and above. This represented an 80 per cent rise over Rs133.84 bn in 2024, according to a joint report by India Sotheby’s International Realty and CRE Matrix. Mumbai’s luxury segment remained relatively stagnant, recording Rs219.02 bn in 2025 compared with Rs204.15 bn in 2024, even as Gurugram attracted a greater share of high net worth individuals (HNIs) and new high-end supply. Industry contacts said Mumbai had not stagnated but Gurugram outpaced it because of the emergence of new micro markets and significant infrastructure developments over the past two years. The expansion in Gurugram was concentrated in micro markets such as the Dwarka Expressway, Golf Course Road and Golf Course Extension Road, where infrastructure upgrades, new supply and enhanced connectivity supported demand. The Dwarka Expressway rose from Rs3.83 bn to Rs83.47 bn, a 2,079 per cent increase, while Golf Course Extension Road increased from Rs6.93 bn to Rs33.19 bn, a 379 per cent rise. Several high-profile project launches and branded residences, including DLF projects and branded offerings tied to global luxury names, further elevated the market profile. Luxury sales reached 1,494 units in the Rs100 mn and above segment in 2025 in Gurugram, the highest annual tally, nearly tenfold from 155 in 2023, while Mumbai recorded 967 sales. Ultra-luxury housing accounted for 24 per cent of Gurugram’s residential market value with an average ticket size of about Rs160 mn, and units averaging 5,000 square feet dominated demand. The 4,000 to 6,000 square foot category was the most bought with 1,029 units and represented 54 per cent of transactions, whereas homes larger than 8,000 square feet contributed nearly 22 per cent of total value. Industry executives linked the boom to broader capital formation, noting that 103 Indian companies raised a record US$19.54 bn through initial public offerings in 2025, creating founders and promoters entering the ultra-luxury segment.