Gurugram Overtakes Mumbai As Top Luxury Housing Market

26 Feb 2026 CW Team

Mumbai’s luxury market remained relatively stagnant, registering transactions of Rs 219.02 bn in 2025 compared with Rs 204.15 bn in 2024. Industry commentary suggested that Mumbai has not stagnated but that Gurugram outperformed it due to fresh supply and improved connectivity. The report noted branded residences and gated premium projects as material factors behind demand.

Micro-markets such as the Dwarka Expressway, Golf Course Road and Golf Course Extension Road accounted for much of Gurugram’s expansion in 2025, supported by upgrades and additional supply. The Dwarka Expressway saw a 2,079 per cent jump in transaction value from Rs 3.83 bn in 2024 to Rs 83.47 bn in 2025, while Golf Course Extension Road recorded a 379 per cent increase from Rs 6.93 bn to Rs 33.19 bn. These shifts reflected reallocation of high net-worth interest to bankable submarkets.

Gurugram recorded sales of 1,494 homes priced at Rs 100 mn in 2025, the highest twelve-month total on record and almost a tenfold increase from 155 homes in 2023. Mumbai sold 967 units in the same price segment in 2025, up marginally from 924 units in 2024. Industry participants linked the surge to broader capital formation and newly created wealth among company founders and promoters.

Ultra-luxury housing accounted for 24 per cent of Gurugram’s residential market value in 2025, with an average ticket size of about Rs 160 mn per home, signalling continued appetite for large premium residences. Units averaging about 5,000 square feet dominated demand, with the 4,000–6,000 square foot band representing 1,029 of the 1,494 homes sold. Buyers were willing to pay premiums for scale, privacy and exclusivity.

Gurugram has overtaken Mumbai to become the largest market for luxury homes, recording transactions worth Rs 241.2 billion (bn) for homes priced at Rs 100 million (mn) and above in 2025. The figure represents an 80 per cent rise over Rs 133.84 bn reported for 2024, according to a joint report by India Sotheby’s International Realty and CRE Matrix. The shift was driven by new micro-markets and infrastructure upgrades. Mumbai’s luxury market remained relatively stagnant, registering transactions of Rs 219.02 bn in 2025 compared with Rs 204.15 bn in 2024. Industry commentary suggested that Mumbai has not stagnated but that Gurugram outperformed it due to fresh supply and improved connectivity. The report noted branded residences and gated premium projects as material factors behind demand. Micro-markets such as the Dwarka Expressway, Golf Course Road and Golf Course Extension Road accounted for much of Gurugram’s expansion in 2025, supported by upgrades and additional supply. The Dwarka Expressway saw a 2,079 per cent jump in transaction value from Rs 3.83 bn in 2024 to Rs 83.47 bn in 2025, while Golf Course Extension Road recorded a 379 per cent increase from Rs 6.93 bn to Rs 33.19 bn. These shifts reflected reallocation of high net-worth interest to bankable submarkets. Gurugram recorded sales of 1,494 homes priced at Rs 100 mn in 2025, the highest twelve-month total on record and almost a tenfold increase from 155 homes in 2023. Mumbai sold 967 units in the same price segment in 2025, up marginally from 924 units in 2024. Industry participants linked the surge to broader capital formation and newly created wealth among company founders and promoters. Ultra-luxury housing accounted for 24 per cent of Gurugram’s residential market value in 2025, with an average ticket size of about Rs 160 mn per home, signalling continued appetite for large premium residences. Units averaging about 5,000 square feet dominated demand, with the 4,000–6,000 square foot band representing 1,029 of the 1,494 homes sold. Buyers were willing to pay premiums for scale, privacy and exclusivity.

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