Hyd among top 3 cities in luxury home sales

Hyderabad Delhi-NCR, Mumbai and Hyderabad emerged as the top three real estate markets dominating in luxury housing sales, cumulatively accounting for nearly 90 per cent of the total sales across the top seven cities in India, says a report.

With 18 per cent share in the premium segment housing sales across top seven cities in India, Hyderabad market has seen almost 12 times rise in the sales at 1,660 units during January-September 2023 when compared to 138 units in same period last year, as per real estate consulting firm CBRE South Asia Pvt Ltd report, ‘India Market Monitor Q3 2023’.

According to it, the luxury housing segment across seven cities in India comprising units priced at Rs 4 crore and above maintained strong sales momentum, registering a 97 per cent Y-o-Y increase in the nine-month period this year. The total sales of luxury units in the first nine months of this year stood at approximately 9,200 compared to 4,700 units during the same period last year.

Among the leading cities, Delhi-NCR and Mumbai topped with a share of about 37 per cent and 35 per cent respectively. A similar trend prevailed during the July-September quarter in the luxury housing segment across the top seven cities, registering a 19 per cent Y-o-Y increase in sales. The quarter witnessed total sales of approximately 2,400 units, compared to about 2,000 units during the same quarter in 2022. Among the cities, Mumbai, Hyderabad and Delhi-NCR emerged as the top markets leading sales during the quarter. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “We anticipate the overall housing market to be further bolstered by the ongoing festive season in the coming months of 2023. With the pause in the interest rate cycle, incentives and schemes offered by developers in the festive season are likely to boost sales further.”

He said, “The October-December’23 quarter is poised to attract a substantial number of first-time buyers, with fence-sitting end-users expected to make decisions during the festive season offers and discounts. As the residential cycle matures amidst inflationary pressures, we have witnessed increasing demand in the mid-end and premium categories. Conversely, the premium and luxury segment is expected to emerge as a sought-after investment avenue, particularly for HNIs and NRIs seeking to safeguard their investments amid global macroeconomic uncertainties.”