Hyderabad sees 800% rise in luxury home sales

Hyderabad: Hyderabad witnessed more than eight-time rise in sales of luxury residential properties -- each priced Rs 4 crore and above -- to 430 units in January-March quarter (Q1) this year from 50 units in the same quarter last year, says a report by real estate consulting firm CBRE South Asia Pvt Ltd.

In its report ‘India Market Monitor – Q1 2023’, it highlighted the trends and dynamics across residential and other real estate sectors in India. After posting a strong performance in 2022, the luxury residential segment witnessed continued momentum in sales and launch activity.

According to the report, the sales of luxury flats across seven cities jumped 2.5 times to 4,000 units in Q1 this year on strong demand for large apartments with better amenities. The sales of luxury homes stood at 1,600 units in the year-ago period.

As per the data, sales of luxury flats in Delhi-NCR jumped over three-fold to 1,900 units in Q1 2023 from 600 units in the year-ago period. Sales of premium apartments in Mumbai increased to 1,150 units from 800 units. In Pune, sales stood at 150 units, a sharp jump from 10 units in the year-ago period.

Bengaluru saw flat demand at 50 units. Sales of luxury homes doubled to 100 units from 50 units in Kolkata. Sales of luxury apartments in Chennai rose five times to 250 units from 50 units in the corresponding period a year ago.

After posting a strong performance in 2022, the luxury residential segment witnessed a continued momentum in sales and launch activity. Post-pandemic uptick in ownership of luxury housing results from homebuyers' mindset looking for larger spaces and a higher preference for home ownership.