Luxury living on the rise in Hyderabad

Homebuyers in the city are increasingly seeking upscale properties that offer luxury living spaces and modern amenities.

Hyderabad: Demand for premium residential units in Hyderabad has witnessed a remarkable surge, with a staggering 61 per cent of new launches exceeding the price bracket of Rs. 1 crore. This trend reflects the evolving preferences of homebuyers in the city, who are increasingly seeking upscale properties that offer luxury living spaces and modern amenities.

According to the latest Real Insight Residential report by PropTiger.com, the April-June quarter of 2023 saw an 8 per cent year-on-year growth in sales of residential units across eight major cities in India, with Hyderabad emerging as a prominent player in the market.

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In the second quarter of 2023, a total of 7,680 residential units were sold in Hyderabad, showcasing a decline of 25 per cent compared to the same period last year. However, despite this decrease, the demand for premium properties in the city remained strong, as the majority of new launches surpassed the Rs 1 crore price mark.

According to Vikas Wadhawan, Group CFO of REA India and Business Head of PropTiger.com, the reasons behind this shift in consumer preferences are multifaceted. “There is a pent-up demand stemming from the Covid-19 pandemic, as individuals and families have reevaluated their housing needs and prioritise spacious homes that provide a comfortable environment for remote work and leisure activities,” he said.

The Real Insight Residential report also highlighted that 85 per cent of the residential units sold across eight cities during the second quarter of 2023 were still under construction.