India, Feb. 26 -- Gurugram has edged past Mumbai as India's new luxury housing capital, with high-net-worth individuals (HNIs) and NRIs increasingly favouring the Millennium City. Buyers are drawn to expansive gated communities, golf-course living, and large-format, premium developments that offer lifestyle amenities and social capital where the country's wealthy congregate, factors that increasingly shape purchasing decisions in the ultra-luxury housing segment.

However, a key question remains: can demand for ultra-luxury housing sustain its current momentum, or could a growing pipeline of high-end supply create a demand-supply imbalance and raise concerns of a potential bubble in India's premium residential market?

A recent luxury hou...