Hyderabad’s luxury housing market sees massive boost
Hyderabad, has emerged as one of the stars in the luxury residential segment with a staggering 800 per cent YoY growth in sales during the Jan-Mar’23 period
Hyderabad: Covid 19 pandemic has brought in a paradigm shift in the way we live and work. The hybrid and remote work arrangements alerted the conventional concept of a workplace and blurred the boundaries between personal and professional life.
This new normal has led to an unprecedented surge in the demand for larger living spaces that offer luxury, comfort, and convenience.
And, Hyderabad, has emerged as one of the stars in the luxury residential segment with a staggering 800 per cent YoY growth in sales during the Jan-Mar’23 period, according to a report by CBRE South Asia Pvt. Ltd.
Hyderabad has always been a coveted destination for real estate investors and homebuyers. However, the remote work culture has sparked a fresh interest in the city’s luxury housing market with homebuyers seeking larger living spaces.
According to the CBRE report, Hyderabad, during Jan-Mar 2023 saw over 430 luxury units sales out of a total of 8,500 units, a stark contrast to the mere 50 luxury unit sales out of 7,700 total units sold last year during the same period.
It also highlights that other major cities such as Delhi-NCR, Mumbai, Pune, and Kolkata have seen a surge in high-end unit sales, with Delhi-NCR recording a 216 per cent increase, Mumbai a 44 per cent increase, and Kolkata a 100 per cent increase.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, believes that the trend towards luxury living is set to continue. “Projects with better amenities, focus on health and safety and clean surroundings are to further gain an edge amidst evolving consumer preferences,” he said.
The report also looks at a minor tapering in activity in the middle of the year. Despite this expected dip, developers are likely to remain cautious about raising prices, as it could impact homebuyers’ purchasing power.
Projects in the higher ticket range of Rs 1.50 crore and above are likely to continue to see traction in sales, as the market has witnessed a spate of new launches in this bracket of late. Furthermore, the impact of rising home mortgage rates is expected to be limited on this segment.
Total Sales:
City Jan-Mar 2023 Jan-Mar 2022
Hyderabad 8,500 7,700
Bengaluru 11,500 9,100
Pune 18,000 18,800
Mumbai 19,900 13,800
Delhi-NCR 11,600 15,000
Total Unit Sales – Luxury:
City Jan-Mar 2023 Jan-Mar 2022
Hyderabad 430 50
Bengaluru 50 50
Pune 150 10
Mumbai 1,150 800
Delhi-NCR 1,900 600
