News: Why India’s Wealthy Pick Gurugram Over Mumbai for Luxury-26-02-2026

Gurugram has moved ahead of Mumbai in ultra-luxury housing, with high-net-worth individuals (HNIs) and NRIs drawn to large gated communities, golf-course living and big-format developments. A report by India Sotheby’s International Realty and CRE Matrix showed sales of homes priced at Rs 10 crore and above reached Rs 24,120 crore in Gurugram in 2025, against Rs 21,902 crore in Mumbai. The open question is whether demand can keep pace with a growing pipeline of high-end supply.

Aakash Ohri, MD and CBO, DLF, said luxury property in Gurugram is no longer niche but increasingly mainstream. Demand above Rs 10 crore reflects a shift from ownership to a superior living experience: larger, well-designed homes in gated projects with privacy, security, wellness and community amenities and strong social infrastructure. He credited wealth creation in technology, start-ups and financial services and a growing base of entrepreneurs and senior professionals. Buyers are getting younger, with some in their early 30s, and NRI demand is consistent.

The week also saw Ajit Jain, vice chairman of insurance operations at Berkshire Hathaway, buy a 7,400 sq ft apartment at DLF The Camellias for about Rs 85 crore, or nearly Rs 1.10 lakh per sq ft, understood to be the highest for that configuration.

The online debate

A Reddit discussion asked whether Gurugram has displaced Mumbai. For years most Rs 10-20 crore purchases were in South Mumbai, Bandra and Worli. The post argued that bigger ticket sizes, newer inventory and large land parcels have made Gurugram a contender, while Mumbai’s prices stretch even wealthy buyers.

One user said NCR’s corporate ecosystem and startup founders prefer Gurugram’s corporate culture to Delhi’s traditional business environment. Gated townships offer organised parking, pools and tennis or badminton courts within walking distance, safety and like-minded neighbours, which the user said explains why Rs 100 crore flats sell while buyers pass over a kothi in Vasant Vihar. Younger Delhiites are moving out unless they already own homes in the capital’s most elite areas, and Gurugram is better connected to Delhi than Noida via MG Road, NH-8 and the Dwarka Expressway.

Space for the price

Santhosh Kumar, vice chairman, ANAROCK Group, said value for money attracts HNIs. In Worli, Tardeo or Prabhadevi the same budget buys a relatively small home, whereas in Gurugram it can buy a large estate with private golf courses, Olympic-size pools and green spaces. The number of HNIs in Delhi-NCR is rising with the start-up boom, and many founders prefer to buy locally.

Kshitij Jain, founder and director, Rizin Advisory, said the market is driven by deep-pocketed end users and long-term investors who treat these homes as trophy assets. Many hold residences bought years ago that are now worth Rs 40-100 crore or more, which reinforces confidence and repeat buying. Where ultra-luxury supply elsewhere is fragmented and constrained, Gurugram offers a cohesive, master-planned ecosystem.

Mumbai developers have also bought land in Gurugram. Kumar said ample land, unlike in Mumbai, and projects selling out within days of launch are part of the attraction.

Outlook

Kumar said the Rs 50 crore-plus segment is entering a normalisation phase after 2023 and 2024, with sales cooling. Demand should stay resilient provided there is no oversupply, since such buyers want scarce trophy homes. Jain said this segment has been defined by limited supply on Golf Course Road and, if it stays tightly controlled, absorption should hold and prices follow a steady long-term upward path.

In the Rs 10 crore-plus bracket, sales may taper because of heavy new supply, with a risk of inventory build-up. Investors who entered as leading developers launched projects are now cautious as the market stabilises, so end-user HNIs and NRIs will account for most sales, Kumar said. Homes priced below Rs 50 crore could keep appreciating 6-8% a year on limited availability, he added, but the Rs 10 crore segment may see limited growth or even a decline, since supply over the past one to two years has eroded its scarcity premium.