Gurugram Beats Mumbai in Luxury Home Sales But Mumbai Leads in Value

Gurugram has become India's new luxury residential capital, beating Mumbai in luxury home sales in 2024. As per PropEquity records, Gurugram saw sales of nearly 79,000 luxury units—nearly 50% of all luxury homes sold in India—while Mumbai saw 33,000 units. The trend reflects the dramatic change Gurugram has undergone from a corporate and call-center center to a high-end real estate hub.

"Gurugram has turned into the home of luxury apartments worth more than ₹5 crore per unit," said Samir Jasuja, MD of PropEquity. 

He pointed out the rising average apartment size of the city—1,800 sq.ft. to 2,600 sq.ft.—has augmented ticket sizes. Good infrastructure, proximity to Delhi Airport, and quality construction have fueled demand.

• Gurugram tops luxury home sales with 79000 units in 2024
• Property prices in Gurugram rose 181 percent since 2015
• Mumbai still leads in value and per square foot pricing

Between January 2015 and April 2025, Gurugram property prices increased 181.72%, whereas those in Mumbai increased by 30.42%. Developers such as DLF took advantage of this trend, recently selling more than 1,100 units in its DLF Camellias project, selling at more than ₹9 crore per unit.

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Santhosh Kumar, Vice Chairman of ANAROCK Group, has said, "After the pandemic, we are witnessing immense demand for luxury housing," with fresh supply in Gurugram's ultra-luxury segment increasing by 296% during Q1 2023 and Q1 2025.

But Mumbai builders dispute Gurugram reaching the top. Manju Yagnik Vice Chairperson of Nahar Group stated, "Mumbai is still absolutely the crown jewel of Indian luxury realty." She further stated that Mumbai luxury sales in 2023 alone surpassed ₹38,000 crore.

Ashar Group's VP Projects Amit Vakharia stated, "Mumbai continues to be and hold the gold standard in value, prestige, and per-square-foot dominance."

While Gurugram leads in volume and growth, Mumbai continues to dominate on pricing, legacy value, and long-term investment confidence.