India, Aug. 2 -- India's Rs.100-crore income club is expanding rapidly and the ripple effects are beginning to show in the country's luxury housing market.

The number of taxpayers reporting annual incomes exceeding Rs.100 crore has climbed to a record 576 in Assessment Year (AY) 2025-26, four times the 142 reported five years ago, according to data tabled in Parliament. The steady rise reflects the growing ranks of India's ultra-high-income individuals.

For the real estate industry, the obvious question is: Does a larger pool of ultra-rich taxpayers automatically translate into more buyers for Rs.20 crore- and Rs.100 crore-plus homes?

Real estate experts say the answer is nuanced.

The expanding base of ultra-high-income earners is und...