Hyderabad among most sought-after cities for luxury home seekers

Hyderabad: The luxury housing segment in Hyderabad, with units priced at Rs 4 crore and above, has experienced a significant surge in sales during the Jan-Sep’23 period, as reported by CBRE South Asia Pvt Ltd in their ‘India Market Monitor Q3 2023’ report, which offers insights into key trends in the residential sector across the top seven cities.

Hyderabad witnessed an impressive increase in the sale of luxury units, with a total of 1,660 units sold during the Jan-Sep’23 period, a substantial contrast to the mere 138 units sold during the same period the previous year. This surge positions Hyderabad as a top-performing market, alongside Delhi-NCR and Mumbai, dominating luxury housing sales and contributing 18 per cent of the total luxury housing sales.

3 cities have 64 per cent of launch share

Mumbai, Pune, and Hyderabad emerged as dominant cities for new housing launches during the first nine months of the year, collectively capturing a significant share of about 64 per cent. Additionally, these cities maintained their dominance in apartment launches, with a cumulative share of 63 per cent.

The report suggests that the robust sales performance in the first nine months of 2023 sets the stage for further growth as the festive season approaches. There are high expectations that the housing sales during the festive season of 2023 are poised to break a three-year record.

Mid-end houses sold the most

Overall residential sales across various price categories surpassed 2,30,000 units during Jan-Sep’23, reflecting a year-on-year growth of approximately 5 per cent. The sustained demand momentum prompted developers to introduce over 2,20,000 new housing units during the same period.

In the Jan-Sep’23 period, residential sales were predominantly driven by mid-end projects, constituting nearly half of the total sales, followed by high-end and affordable projects.

Anshuman Magazine, chairman and CEO of CBRE, India, South-East Asia, Middle East and Africa, said, “With the stabilisation of interest rates and the array of incentives and schemes offered by developers during the festive season, sales are expected to rise even further.”