Hyderabad sees skyrocketing sales in Luxury housing

The total sales of luxury units in Hyderabad during the Jan-Sep’23 period reached an impressive 1,660 units, marking a stark contrast to a mere 138 units sold during the same period the previous year.

Hyderabad: The luxury housing segment in Hyderabad, featuring units priced at Rs 4 crore and above, witnessed a remarkable surge in sales during the Jan-Sep’23 period, according to CBRE South Asia Pvt. Ltd report ‘India Market Monitor Q3 2023′. The report sheds light on pivotal trends in the residential sector across top seven cities.

The total sales of luxury units in Hyderabad during the Jan-Sep’23 period reached an impressive 1,660 units, marking a stark contrast to a mere 138 units sold during the same period the previous year.

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This surge establishes Hyderabad as a top-performing market alongside Delhi-NCR and Mumbai, effectively dominating luxury housing sales, with Hyderabad contributing a substantial 18 per cent of the total luxury housing sales.

The report stated that the robust sales performance throughout the first nine months of 2023 positions the housing market for further growth as the festive season unfolds. Anticipations are high that the festive housing sales of 2023 are poised to break a 3-year record.

Overall residential sales across various price categories exceeded 230,000 units during Jan-Sep’23, exhibiting a year-on-year growth of approximately 5 per cent. The sustained demand momentum prompted developers to introduce over 220,000 new housing units during the same period.

According to the report, in the Jan-Sep’23 period, residential sales were primarily driven by mid-end projects, accounting for nearly half of the total sales, followed by high-end and affordable projects.

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

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, expressed his views, saying, “With the stabilization of interest rates and the array of incentives and schemes offered by developers during the festive season, sales are expected to rise even further.”