Hyderabad sees upward shift in luxury housing
Meanwhile, the National Capital Region (NCR) saw a surge in luxury home sales, marking a notable trend reversal from five years ago.
Hyderabad: In the first quarter of 2024, the Indian residential property sector experienced significant growth in both sales and new launches, but the landscape is evolving unevenly across budget segments. According to recent data from Anarock, luxury housing is witnessing an upward trajectory, while affordable housing faces challenges, reflecting changing preferences among homebuyers.
Hyderabad emerged as a focal point in this shifting dynamic, with its highest sales recorded in the midrange and premium housing segment. Meanwhile, the National Capital Region (NCR) saw a surge in luxury home sales, marking a notable trend reversal from five years ago.
Approximately 21 per cent of the total units sold in the top seven cities were luxury homes priced above Rs 1.5 crore.
This marks a stark contrast to the scenario five years ago when affordable housing dominated the market with a share of 37 per cent. The regional variations in housing trends further underscore the changing landscape. Cities like Hyderabad, Bengaluru, Mumbai Metropolitan Region (MMR), Chennai, and Pune witnessed robust sales in the mid-range and premium segments that are priced between Rs. 40 lakh and Rs 1.5 crore in Q1 2024.
Puri explains, “As luxury homes gain more traction in both new supply and sales, affordable housing continues its retreat to the sidelines.” Considering the past fiveyear data trends, the new supply and sales share of luxury homes has been rising steadily.
In pre-Covid 2019, luxury homes accounted for 11 per cent of the overall new supply in the top seven cities. In Q1 2024, this share has gone up to a whopping 25 per cent.
