Gurugram has overtaken Mumbai to become India’s largest market for luxury homes, according to a joint report by India Sotheby’s International Realty and CRE Matrix. The city recorded transactions worth Rs 241,200 million (mn) for homes priced at Rs 100 mn and above in 2025, representing an 80 per cent rise over Rs 133,840 mn in 2024. The surge illustrates a marked reallocation of high net worth capital towards Gurugram’s luxury segment. Mumbai’s high-end market was comparatively stagnant, with transactions of Rs 219,020 mn in 2025 against Rs 204,150 mn in 2024, and unit sales of 967 compared with 924. Industry executives said Mumbai had not stagnated but that Gurugram outperformed due to the emergence of new micro markets and recent infrastructure upgrades. Several high profile project launches helped the shift, including DLF’s Dahlias and Camellias priced in the Rs 700 mn–Rs 1,020 mn range and branded residences by the Trump Organisation and Elie Saab. The report identified the Dwarka Expressway, Golf Course Road and Golf Course Extension Road as primary drivers of expansion, supported by new supply and enhanced connectivity. The Dwarka Expressway saw a 2,079 per cent jump in transaction value, rising from Rs 3,830 mn in 2024 to Rs 83,470 mn in 2025, while Golf Course Extension Road recorded a 379 per cent increase from Rs 6,930 mn to Rs 33,190 mn. Sales of 1,494 homes in the Rs 100 mn plus segment represented the highest annual total on record for the city. Demand was concentrated in larger units, with the 4,000–6,000 square foot category accounting for 1,029 of the 1,494 luxury homes and 54 per cent of transaction share. Units larger than 8,000 square feet contributed nearly 22 per cent of total value, and ultra-luxury housing made up 24 per cent of Gurugram’s residential market value with an average ticket size of about Rs 160 mn. Executives attributed the boom to broader capital formation and record IPO proceeds of $19.54 billion (bn) in 2025 creating a new cohort of buyers.