Hyderabad takes lead in luxury housing supply, sets record in Q3 2023
Hyderabad has emerged as the go-to destination for luxury housing in India, surpassing all other cities in the country
Hyderabad: Hyderabad has emerged as the go-to destination for luxury housing in India, surpassing all other cities in the country.
The State’s capital witnessed an extraordinary surge in new luxury housing supply, with approximately 14,340 units hitting the market in the third quarter of 2023. This number far outpaced other cities, showcasing the city’s strong demand for high-end living, latest date from Anarock report said.
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Hyderabad outperformed all other major Indian cities, securing the highest supply of new luxury housing in Q3 2023, highlighting a significant shift in preferences among homebuyers, as luxury housing continues to grow in popularity. Developers have seized this opportunity by launching a plethora of new luxury projects to meet the rising demand, report said.
In Q3 2018, a mere 210 luxury units were introduced in the city. Fast forward to Q3 2023, and Hyderabad boasts a staggering 14,340 luxury units, accounting for nearly 46 per cent of the total new luxury housing supply for the quarter.
Prashant Thakur, Regional Director and Head (Research), Anarock Group, commented on this significant shift, stating, “Developers have shown strong confidence in the luxury homes segment because of its exceptional performance following the pandemic. Sales have surged across India’s top seven cities, driven by post-pandemic homebuyers who are looking for larger homes with top-notch amenities and prime locations.”
The recent consumer sentiment survey of Anarock confirms this trend. Thakur added, “In our survey from before the pandemic (H1 2019), only 9 per cent of respondents preferred luxury homes priced over Rs 1.5 Crores. However, in the most recent survey in H1 2023, this figure has risen to 16 per cent.”
While luxury housing in Hyderabad is booming, the situation is quite different for affordable housing.
Homes priced at or under Rs 40 lakhs have decreased further in the seven major cities, including Hyderabad, Mumbai (MMR), Delhi-NCR, Pune, Bengaluru, Kolkata, and Chennai, making up just 18 per cent of the housing market in Q3 2023.
