Luxury housing in Hyderabad has witnessed a remarkable uptick, with sales in this segment soaring by 10% according to the latest findings from the ‘India Market Monitor Q1 2024,’ released by real estate consultancy giant CBRE South Asia Pvt. Ltd.
Luxury Apartments in Hyderabad: A Growing Trend
The upscale real estate sector in Hyderabad, characterized by units priced at Rs. 4 crore and above, has seen substantial growth in year-on-year sales during the period from January to March. Hyderabad now stands as the third-largest contributor to the luxury housing market in India, accounting for approximately 10% of the nation’s luxury inventory.
Prime Locations Driving Demand
Areas such as Jubilee Hills, Banjara Hills, Hitec City, Raidurg, and Neopolis have been pivotal in driving this surge in demand. These locales have reported significant sales activity, with average ticket sizes ranging from Rs. 20 crore to over Rs. 40 crore.
Hyderabad’s Share in Luxury Segment
In the first quarter of 2024, the luxury segment constituted about 5% of the total residential unit sales in Hyderabad. Comparatively, Mumbai led the surge in luxury unit sales during this period, experiencing a notable 15% year-on-year increase, followed closely by Delhi-NCR, Hyderabad, and Pune.
The Resurgence of India’s Luxury Real Estate
The luxury residential real estate market in India has experienced a remarkable resurgence, with approximately 45% of the luxury stock being injected into the market within the last five years alone, as per the CBRE report.
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Mumbai: The Epicenter of Luxury Living
Mumbai continues to dominate the luxury housing landscape, accounting for over 40% of the country’s total luxury inventory in the first quarter of 2024. Exclusive locations such as Altamount Road, Nepean Sea Road, Worli, Prabhadevi, Juhu, and Bandra (West) command premium prices, with average ticket sizes often ranging from Rs. 20 crore to Rs. 60 crore. In some instances, apartments priced above Rs. 100 crore have also been recorded.
Embracing Sustainability in Real Estate
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, emphasized the growing importance of sustainability in real estate development. There’s an increasing emphasis on constructing eco-friendly and energy-efficient dwellings, reflecting the evolving priorities of modern homebuyers.
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