Delhi’s ultra‑luxury market is fundamentally supply‑constrained and status‑driven. Scarce freehold plots, heritage controls, diplomatic enclaves, and boutique redevelopments concentrate value into a few micro‑markets: Lutyens’/Central Delhi, South Delhi’s posh colonies, and farmhouse belts around Chattarpur–Mehrauli–Bijwasan–Rajokri. For HNIs/NRIs, this pillar explains where the value concentrates, what to check legally, and how to evaluate rare,…