Ranked 3rd in India, Hyderabad emerges as luxury housing hub

Hyderabad Desk

Hyderabad: The luxury housing segment in Hyderabad has experienced a significant surge, claiming the third spot nationwide with nearly 10% of the country’s luxury housing inventory.

According to a real estate report, the city has witnessed a boom in luxury apartment sales, particularly in upscale areas like Jubilee Hills, Banjara Hills, HITEC City, Raidurg, and Neopolis, where average prices range from Rs 20 crore to over Rs 40 crore.

In the first quarter of 2024, Mumbai led the surge in luxury housing sales, with a 15% year-on-year increase, followed by Delhi-NCR, Hyderabad, and Pune. Hyderabad and Pune experienced remarkable sales growth, more than doubling and increasing by 4.7 times year-on-year, respectively.

CBRE’s India Market Monitor Q1 2024 report highlighted the robust performance of the luxury housing segment, with a 10% year-on-year sales growth in Jan-March 2024.

Luxury housing units priced at Rs 4 crore and above accounted for approximately 5% of the total residential unit sales during this period. The report also noted a substantial 64% year-on-year increase in the launch of luxury housing units.

Over the past five years, India’s luxury residential real estate market has witnessed a resurgence, with nearly 45% of the luxury housing stock added during this period. The segment has maintained a compound annual growth rate (CAGR) of over 9% since 2019 across major cities.

Developers nationwide are expected to capitalize on this positive trend by accelerating activity and launching new luxury housing units.

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