India's real estate scene is buzzing with a surge in ultra-luxurious properties, reshaping the urban landscape from plsuh residences to iconic commercial spaces. Fueled by rising incomes and aspirational living, the luxury housing boom in major cities showcases new projects ranging from Rs 2-3 crore to an eye-popping Rs 12-15 crore. Anarock's report drops some stats: a whopping 18% of total units sold in the top seven cities in 2022 fall into the luxury category, up significantly from the 7% reported in 2019.
This trend isn't just a local affair; it's spreading like wildfire across major metropolises, riding on the wave of growing aspirations and fat wallets. In present year, there has been a remarkable upswing, as the count of ultra-luxury residences sold in the top seven cities (as of November 30, 2023) has surged to nearly 4.5 times the statistics recorded in 2022. In terms of monetary value, this leap is equally striking, registering at 3.5 times the figures observed in 2022. Traditional mansions are out of reach for many, prompting the well-off to pivot towards plush apartments and upscale flats, chasing a life of luxury and top-notch amenities. In this article, SURFACES REPORTER (SR) unveils the top 15 upcoming luxury projects in India. Take a look:
Mumbai
Sunteck Realty is set to redefine opulence in South Mumbai with an ultra-luxury project boasting homes priced above Rs 50 crore, as confirmed by Chairman Kamal Khetan. Meanwhile, Bengaluru-based Prestige Estates plans to elevate luxury living with the launch of Prestige Ocean Towers in Marine Lines, offering residences at around Rs 20 crore each, and another ultra-luxury development in Worli. Not to be outdone, K Raheja Corp Homes, led by developer Chandru Raheja, is making waves with two ultra-luxury residential projects in the star-studded Juhu area of Mumbai, where prices range from Rs 15 crore to Rs 30 crore. The surge in demand for premium living spaces is evident, attracting high-net-worth individuals in pursuit of global standards in their home country.
Gurugram
Gurugram's Sector 66 is set to witness the grandeur of Smartworld Developer's latest luxury project, "Smartworld The Edition," spanning 10 acres with a 3 million sq ft saleable area. The 42-story high-rise features three twin towers housing 900+ apartments, offering 3.5 BHK and 4.5 BHK configurations. With an expected revenue of Rs 6,000 crore, the project, designed by Studio Symbiosis, Red Landscape, Greymatters, ITH, and others, will see a Rs 3,000 crore investment. DLF is re-entering Gurgaon's luxury market with a high-end project, expected to launch in Q4, while Godrej Properties anticipates a revenue of around Rs 3,000 crore from its upcoming luxury housing project, 'Godrej Aristocrat,' in Gurugram's Sector 49. Further, Emaar India, a part of Dubai-based Emaar Properties, plans to invest Rs 900 crore in the next four years to build luxury housing projects in Gurugram. They have already launched a project called 'Urban Oasis' in Gurugram's Sector 62, Golf Course Extension Road, where 424 luxury homes have been sold.
Noida
Bhutani Infra, a leading NCR-based real estate developer, unveils plans for an ultra-luxury housing project in Sector 32, Noida. This mixed-use venture includes a mall and approximately 60 opulent apartments, marking a new pinnacle for the region. With a total estimated investment of around Rs 600 crore, each apartment is set to begin at an unprecedented Rs 12 crore, offering immense sizes starting from 5,000 square feet.The firm is venturing beyond the NCR with projects totaling 15 million sq ft in Noida and expansions into Goa, Uttarakhand, Punjab, and Uttar Pradesh.
Bengaluru
Concorde Group introduces Concorde Luxepolis, an exclusive luxury residential venture in Bengaluru. Nestled at the highly sought-after #1 Bull Temple Road, the address offers proximity to premier educational institutions, shopping centers, and Bengaluru's green spaces, including the iconic Sri Sringeri Shankara Mutt. The project boasts opulent features like intricately designed spacious rooms, towering windows, and Alexa-enabled smart homes with automation features.
Kerala
Prestige Estates has just unveiled a high-end sea-facing project named Prestige Ocean Pearl in Kozhikode, Kerala. In addition, the company has recently introduced two luxury projects in Hyderabad, with another one in the pipeline, according to Irfan Razack, the chairman and managing director of Prestige Estates.
Hyderabad
Rajapushpa Properties is launching Rajapushpa Aurelia, a luxury residential project in Tellapur, Hyderabad, with seven high-rise towers on 21.61 acres. The development includes premium 2, 3, & 4 BHK apartments, covering 12,739,679 sq ft with an estimated cost of 5,732 INR-Crore, featuring modern amenities and landscapes.
Jaipur
Manglam Group, a real estate developer, is set to invest Rs 200 crore in its forthcoming luxury residential project, Manglam Rambagh, located in Jaipur. Situated on 2.2 acres of prime land, the project features 114 flats across six floors. The flat options include 3 or 4 BHK units and 5 or 6 BHK penthouses, with generous dimensions ranging from 2370 sq ft to 6120 sq ft. Anticipated to be finished by December 2024, Manglam Rambagh promises a blend of luxury and spacious living in the heart of Jaipur.
Goa
Aranayam has come up with exclusive limited edition villas and homes in Goa. Their first project, Amayah, is a unique eco-friendly building certified by the Indian Green Building Council. Situated in the peaceful Assagao, Amayah features 10 villas, each with 4 bedrooms and a total area of 25,700 sqft. These villas blend modern design with Indo-Portuguese architecture, providing sustainable luxury surrounded by lush greenery. Apart from this, Bengaluru-based listed real estate firm Prestige Estates Projects Ltd is planning to launch projects across Delhi, NCR, Bengaluru, Hyderabad, Chennai, Mumbai and Goa this year.
Pune
Shapoorji Pallonji Real Estate has unveiled two new housing projects-Wildernest and Joyville Celestia- within its 200-acre SP Kingstown township in Pune, with an estimated revenue potential of INR 1500 Crore. Located in Hadapsar Annexe, SP Kingstown is a comprehensive township featuring residential, commercial, educational, healthcare, and retail spaces. Covering a potential development area of 1.7 million sq ft, Joyville Celestia is the second aspirational project in the township, with an estimated cost of USD 200 million.
Kolkata
Godrej Properties has acquired a 7.44-acre land parcel in Kolkata for a luxury residential project. Encompassing approximately 9.8 lakh square feet, the development is anticipated to generate an estimated revenue of around Rs 1,200 crore. Gaurav Pandey, MD & CEO of Godrej Properties, conveyed contentment with the acquisition, noting its prime location in one of Kolkata's premium areas. This venture represents the company's second luxury project in the city, with the objective of crafting an exceptional residential community for enduring value.
Karnataka
Bengaluru-based Brigade Group has entered a Joint Development Agreement (JDA) to create luxury residences spanning approximately 0.4 million sq ft in Mysore, with a Gross Development Value (GDV) of Rs. 300 crore. The project, located in Kurubarahalli near JW Golf Club Mysuru on a 4-acre land, will expand Brigade Group's residential portfolio in Mysuru. Featuring spacious units, including penthouses, the luxury project offers premium amenities and scenic views of Chamundi Hills, enhancing the overall living experience.
Lucknow
Shalimar Corp, a trusted real estate brand in Lucknow, has introduced Valencia Towers, a luxurious residential project within the OneWorld township in Gomti Nagar Extension. Valencia Towers is a 33-floor building offering spacious 4BHK+ Study + Servant Quartered apartments. Strategically located along Shaheed Path, it provides excellent connectivity.
Nagpur
Kukreja Infrastructures, a leading real estate developer in central India, has unveiled its latest project, 'Paris City’. Situated in South Wardhman Nagar, next to Nirmal Nagri, Nagpur, the project is conveniently located in the city's center.The project features six towers of ultra-luxurious apartments spread across 10 acres, with 4 acres reserved for open spaces.
Surat
Surat's luxury real estate leader, Unison Developers, introduces Unison Crest, a pinnacle of high-end living in Diamond City. Offering only 32 lavish 4 & 5BHK residences, each home is designed for comfort and opulence with modern amenities. Ensuring peace of mind, every residence is 100% vastu compliant, setting a new standard for luxury living. Further, Gujarat JHM Hotels (GJHM) and Auro Hotels from the US also joined hands to bring the luxurious JW Marriott Surat Resort & Spa to Surat, Gujarat. This resort will be GJHM's third Marriott hotel in Surat, featuring over 300 guestrooms and villas.
Ahmedabad
D&C Developers and Azaro Group are reshaping luxury living with Apricity, a unique project in Ahmedabad. This venture comprises 26 meticulously planned 5BHK bungalows, starting from 5,184 sq ft, located near SP Ring Road in Ognaj. It's a transformative initiative, redefining the essence of upscale living in Ahmedabad.
Himachal Pradesh
Delhi's Eldeco Group plans a Rs 300 crore investment for an ultra-luxury housing project with 80 villas in Himachal Pradesh, catering to growing demand for high-end hillside residences. Acquiring 30 acres in Sirmaur district, the company, through its subsidiary 'Terra Garden,' aims to develop such projects in tourist destinations. The first phase includes 35 villas for sale, starting at Rs 5.5 crore each.
Visakhapatnam
Oberoi Group virtually laid the foundation stone for their big project – 300 luxury villas and a Seven Star Resort near Bheemili in Visakhapatnam. They're investing Rs. 350 crore, creating 5,500 jobs, and it got approved at the 2023 Global Summit by Andhra Pradesh Chief Minister YS Jagan Mohan Reddy.
As these projects take shape in different cities of India, it is certain that they will redefine the concept of luxury in the Indian real estate landscape.