Gurugram has overtaken Mumbai as India's largest market for luxury homes, with transactions of Rs 241.2 bn for properties priced at Rs 100 mn and above in 2025. This was an 80 per cent rise on Rs 133.84 bn in 2024, according to a joint report by India Sotheby's International Realty and CRE Matrix. Mumbai recorded Rs 219.02 bn in 2025, up marginally from Rs 204.15 bn in 2024, leaving Gurugram ahead for the first time in five years. Market analysts said high-profile launches, branded residences and infrastructure upgrades underpinned the shift. Projects such as DLF's Dahlias and Camellias carry asking prices from Rs 700 mn to Rs 1,020 mn, and global branded offerings added demand from high net-worth individuals. The report said enhanced connectivity and new micro-markets expanded luxury inventory. The Dwarka Expressway drove a large portion of growth, rising from Rs 3.83 bn in 2024 to Rs 83.47 bn in 2025, a 2,079 per cent increase. Golf Course Extension Road rose from Rs 6.93 bn to Rs 33.19 bn, a 379 per cent gain, while Golf Course Road and other corridors added supply. The report noted targeted infrastructure and developer focus in these pockets. Gurugram sold 1,494 homes priced at Rs 100 mn and above in 2025, the highest annual tally and nearly tenfold the 155 units sold in 2023. Mumbai recorded 967 units in the segment in 2025 compared with 924 in 2024. Ultra-luxury accounted for 24 per cent of Gurugram's residential market value and had an average ticket of about Rs 160 mn. Units of 4,000–6,000 square feet dominated demand, comprising 1,029 of the 1,494 luxury homes and contributing 54 per cent of the transaction share, while units above 8,000 square feet accounted for nearly 22 per cent of value. Analysts connected the rise to broader capital formation, noting that 103 Indian companies raised a record $19.54 bn through mainboard initial public offerings in 2025. The report concluded that sustained infrastructure and product launches are likely to maintain appetite for large premium residences.