Hyderabad witnesses surge in demand for luxury housing; Sales in segment rise by 10 pc

According to ‘India Market Monitor Q1 2024’ released by real estate consulting firm, CBRE South Asia Pvt. Ltd., Hyderabad witnessed an influx of luxury apartments and a surge in demand within this segment.

 

Hyderabad: While the luxury segment housing i.e., units priced Rs.4 crore and above, Hyderabad recorded a 10 per cent growth in  year-on-year sale during January to March and stood third with about 10 per cent share of the country’s luxury inventory.

According to ‘India Market Monitor Q1 2024’ released by real estate consulting firm, CBRE South Asia Pvt. Ltd., Hyderabad witnessed an influx of luxury apartments and a surge in demand within this segment. Areas such as Jubilee Hills, Banjara Hills, Hitec City, Raidurg, and Neopolis reported sales with average ticket sizes ranging from Rs 20 to over Rs 40 crore.

According to the report, the percentage share of the luxury segment in the overall residential unit sales stood at about 5 per cent in Jan- Mar ’24. City-wise, the report stated that Mumbai recorded the highest surge in unit sales during the review quarter, registering a 15 per cent Y-o-Y increase in luxury segment residences followed by Delhi-NCR, Hyderabad and Pune.

The resurgence in India’s luxury residential real estate has spurred robust growth, as about 45 per cent of the overall luxury stock was injected in the last five years alone, the CBRE report said.

Mumbai led the luxury segment, accounting for more than 40 per cent of the country’s total luxury inventory in Jan-Mar’24 with locations such as Altamount Road, Nepean Sea Road, Worli, Prabhadevi, Juhu, and Bandra (West) command high capital values with an average ticket size often ranging from Rs 20 to Rs 60 crore. Occasionally, apartments priced above Rs 100 crore are also recorded.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “Sustainability has become a critical differentiator in real estate development, with an increasing emphasis on constructing eco-friendly and energy-efficient dwellings.”