Hyd’s residential sales on record high owing to lifestyle upgrade

Hyderabad: Since 2021, residential sales in Hyderabad have been marked by a trend of homebuyers consistently seeking to upgrade their living spaces. In 2023, annual sales rose by six per cent y-o-y, reaching an all-time high of 32,880 units. The increase in sales was driven by homebuyers prioritising on lifestyle upgrades, showing a preference for amenity-rich communities in well-established areas.

Knight Frank India’s latest report, India Real Estate - Residential and Office Market Report, cited that in 2023, of the 32,880 units sold, almost half of the transactions were in the premium ticket segment of Rs 10 million and above. Reflecting the changing preferences, developers launched a total of 46,985 units in 2023. Notably, 43 per cent of these launches were for homes valued over Rs 10 million. The city’s growing economy and sustained demand for luxury housing are expected to be key drivers of this continued shift towards higher-value real estate transactions. Annual transactions in this segment have increased by 38 per cent y-o-y during 2023.

Joseph Thilak, National Director- Occupier Strategy and Solutions-Hyderabad, Knight Frank India, said: “The prevailing trend in Hyderabad’s residential market centres around the growing necessity to upgrade primary dwellings to apartment complexes that provide increased space and amenities.