Hyderabad Luxury Home Sales Skyrocket by 12 Times in First Nine Months of 2023
The luxury real estate market in India’s top seven cities has experienced a surge in sales of homes priced around ₹4 crore. According to a report by CBRE, the sales of such units grew by 97% in the nine months ended 2023, compared to the same period last year. Hyderabad showed the most significant growth, with a whopping 12 times increase in the number of luxury homes sold.
In the first nine months of 2022, 138 luxury homes were sold in Hyderabad. However, in the same period this year, the number skyrocketed to 1,660. This surge has positioned Hyderabad as the third city in the top seven cities for luxury home sales, behind Delhi and Mumbai.
Delhi-NCR accounted for the largest share of luxury home sales, with about 37%, followed by Mumbai at 35%, and Hyderabad at 18%. While Bangalore and Chennai saw minimal growth, Kolkata was the only city where luxury home sales declined.
The strong performance in luxury home sales is expected to spill over into the festive season, with CBRE anticipating a record-breaking year in 2023. Anshuman Magazine, Chairman & CEO of CBRE, expects the festive season to attract first-time buyers and end-users, particularly in the premium and luxury segments.
During the July-September ’23 quarter, over 80,000 residential units were sold, while new unit launches stood at 72,000. Mumbai, Hyderabad, and Pune dominated the market for apartment launches, with a cumulative share of 63%. The high-end and premium categories remained key sales drivers, accounting for 35% of the market share.
Overall, the luxury real estate market in India is showing robust growth, and the festive season is expected to drive further sales, particularly in the premium and luxury segments.
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