Hyderabad has emerged as the preferred destination for luxury housing in India, outpacing all other cities in the country
Published Date – 9th October 2023, 03:16 PM
Hyderabad: Hyderabad has emerged as the preferred destination for luxury housing in India, leaving behind all other cities in the country.
The state capital witnessed an exceptional rise in the supply of new luxury housing, with around 14,340 units coming on the market in the third quarter of 2023. According to Anarock’s report, this number is far higher than other cities, indicating the strong demand for high-end lifestyle in the city.
Hyderabad outperformed all other major Indian cities, achieving the highest supply of new luxury housing in the third quarter of 2023, reflecting a significant shift in preferences among homebuyers, as the popularity of luxury housing continues to grow. Developers have leveraged this opportunity by launching a plethora of new luxury projects to meet the growing demand, the report said.
Only 210 luxury units were launched in the city in the third quarter of 2018. Hyderabad has 14,340 luxury units on offer in the third quarter of 2023, accounting for nearly 46 per cent of the total new luxury housing supply in this quarter.
Commenting on this significant shift, Prashant Thakur, Regional Director and Head (Research), Anarock Group, said, “Developers have shown strong confidence in the luxury homes segment owing to its exceptional performance post pandemic. Sales have surged across India’s top seven cities, driven by post pandemic homebuyers who are looking for larger homes with top-end amenities and prime locations.”
Anarock’s recent consumer sentiment survey has confirmed this trend. “In our survey before the pandemic (H1 2019), only 9 per cent of respondents preferred luxury homes priced above Rs 1.5 crore. However, in the most recent survey in H1 2023, this figure has increased to 16 per cent,” Thakur said.
While luxury housing is growing rapidly in Hyderabad, the situation is quite different for affordable housing.
The number of homes priced at Rs 40 lakh or less has declined further in seven major cities, including Hyderabad, Mumbai (MMR), Delhi-NCR, Pune, Bengaluru, Kolkata and Chennai, to account for just 18 per cent of the housing market in the third quarter of 2023.