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Ahmedabad and Pune: India’s Next Luxury Hubs?

By Shilpa Dhamija08 mai 2025

Ahmedabad and Pune, two prominent metro cities in western India, have long been home to some of the nation’s ultra-wealthy population. These heritage and culturally rich centers are steadily embracing modern influences and building a global profile. But can they emerge as India’s next major luxury markets?

At the Modi Stadium in Ahmedabad last January, the British band Coldplay set the record for the biggest stadium concert in the 21st Century (AnnaLeeMedia)

111K

Number of people at Coldplay’s concert in Ahmedabad

$692 Mio

Investment planned for a new sports enclave in Ahmedabad for the 2036 Olympics

2,5%

Increase in Pune’s ultra-high-net-worth (UHNW) population between 2020 and 2024

During its recent India tour, Coldplay pulled off the biggest concert of its career, drawing approximately 111,000 fans in a single day. The event set another record of becoming the largest stadium concert of the 21st century.

I’ve never seen anything like Coldplay's concert happen in India before with such impeccable execution

Kairav Engineer, executive director of Astral Ltd

What's notable is that these milestones weren't achieved in India’s usual concert venues - Mumbai, Delhi, or Bengaluru but rather in Ahmedabad, in the world’s largest cricket stadium.

In Ahmedabad, the number of families with wealth exceeding $122 million has more than doubled from 2020 to 2024 (ShutterStock)

Ahmedabad, a major metro city in India’s Gujarat state and a UNESCO World Heritage City, is rapidly evolving with world-class infrastructure and a growing, modernized wealthy demographic. When measured state-wise, Gujarat has the third highest concentration of ultra-high-net-worth (UHNW) population in India. It is also the ancestral home of the Ambani family, one of India’s top two richest families. In Ahmedabad alone, the number of UHNW families with wealth exceeding ₹1,000 crore ($122 million) has more than doubled from 2020 to 2024. Among the city’s elite residents is Gautam Adani, one of India’s top two richest men.

Kairav Engineer, Executive Director of Astral Ltd, a leading industrialist whose family is among the 100 richest in India. He has lived in Ahmedabad for decades and founded two luxury watch clubs in India.

Pune, another metro city in India’s western region, has also experienced a substantial rise in wealthy demographic, with its UHNW population increasing 2.5 times over the same period. Located about 92 miles east of Mumbai, Pune is a thriving hub of the auto, IT, and pharmaceutical industries. It is also home to Cyrus Poonawalla, founder of the Serum Institute of India (SII), the world’s largest vaccine manufacturer. The Poonawalla family ranks among India’s ten richest and the world’s top 100 wealthiest families.

While Ahmedabad and Pune are home to considerable wealth and influential communities, their luxury retail presence remains underdeveloped compared to the established markets of Delhi and Mumbai. Is it time for luxury brands to broaden their reach and explore India’s emerging wealth hubs?

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Ahmedabad’s infrastructure is growing fast, but is there room for luxury?

Gujarat is investing $692.2 million to develop a new world-class sports enclave in Ahmedabad as part of an ambitious plan to bid for the 2036 Olympics. To further enhance its global appeal, the city will also be connected to Mumbai by India’s first-ever bullet train by 2027. As Gujarat draws a wave of international projects, Ahmedabad is establishing itself as a key base for MNCs expanding into the state and attracting top-tier talent from across India and abroad.

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