Gurugram has overtaken Mumbai to become India’s largest market for luxury homes, with transactions totalling Rs 241,200 million (mn) for homes priced at Rs 100 million and above in 2025. This represented an 80 per cent rise from Rs 133,840 million recorded in 2024, according to a joint report by India Sotheby’s International Realty and CRE Matrix. Mumbai recorded Rs 219,020 million in luxury transactions in 2025, modestly up from Rs 204,150 million the previous year. Key micro-markets such as Dwarka Expressway, Golf Course Road and Golf Course Extension Road drove much of the expansion, supported by infrastructure upgrades and new supply. The Dwarka Expressway saw transaction value rise from Rs 3,830 million to Rs 83,470 million, while Golf Course Extension Road increased from Rs 6,930 million to Rs 33,190 million. The market also benefited from high-profile project launches and branded residences led by international players. The city recorded 1,494 luxury home sales in the price segment of Rs 100 million and above in 2025, the highest annual tally on record. This marked a nearly tenfold rise from 155 homes in 2023 and reflected accelerating wealth creation and growing participation from high net-worth individuals and ultra-high net-worth individuals. In contrast, Mumbai sold 967 homes in the same segment in 2025. Ultra-luxury housing accounted for 24 per cent of Gurugram’s residential market value in 2025, with an average ticket size of around Rs 160 million per home. Residential units averaging about 5,000 square feet dominated demand, with the 4,000–6,000 square foot category accounting for 1,029 of the 1,494 luxury homes sold, contributing 54 per cent of the transaction share. Industry executives linked the boom to broader capital formation and entrepreneurial wealth, saying record initial public offering proceeds created new promoters entering the ultra-luxury segment. They said the growth reflected sustained buyer confidence.