Gurugram overtook Mumbai to become India's largest market for luxury homes in 2025, with transactions worth Rs 241.2 billion (bn). The figure represented an 80 per cent rise over Rs 133.84 bn in 2024, according to a joint report by India Sotheby's International Realty and CRE Matrix. The growth was driven by a marked shift of high net-worth individuals towards luxury properties and high-profile project launches. Industry observers attributed the emergence to new micro-markets and infrastructure upgrades. Mumbai's luxury segment remained comparatively stagnant, recording Rs 219.02 bn in 2025 as against Rs 204.15 bn in 2024. Gurugram sold 1,494 homes priced at Rs 100 million (mn) and above in 2025, the highest annual total, while Mumbai recorded 967 units in that band. The surge in Gurugram represented nearly a tenfold increase from 155 homes in 2023, signalling accelerating wealth creation and rising participation from HNIs and ultra-HNIs. Micro-markets such as the Dwarka Expressway, Golf Course Road and Golf Course Extension Road underpinned much of Gurugram's expansion, supported by new supply and enhanced connectivity. The Dwarka Expressway saw the transaction value rise from Rs 3.83 bn in 2024 to Rs 83.47 bn in 2025, while Golf Course Extension Road rose from Rs 6.93 bn to Rs 33.19 bn. Developers introduced branded ultra-luxury projects with units priced from Rs 700 mn to Rs 1.02 bn, drawing buyers seeking scale and privacy. 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 million (mn) per home, signalling sustained appetite for large premium residences. Units averaging 5,000 square foot dominated demand, with the 4,000-6,000 square foot category accounting for 1,029 of the 1,494 luxury homes sold and contributing 54 per cent of the transaction share. Industry executives linked the boom to broader capital formation, noting that 103 Indian companies raised a record US$19.54 bn through mainboard initial public offerings in 2025, creating more founders entering the ultra-luxury segment.