Luxury home sales in Hyderabad increased by 12 times in the nine months ending September 2023 compared to the previous year, according to a report by CBRE. Delhi, Mumbai, and Hyderabad dominated the luxury home sales market in the first nine months of the year. It is expected that festive home sales in 2023 will reach a three-year high, surpassing 1.5 lakh units.
India’s top seven cities have shown a strong preference for luxury homes priced around ₹4 crore. Sales of such units grew by 97% in the nine months ending 2023 compared to the same period last year, with Hyderabad showing the most significant growth. In the first nine months of 2022, 138 units of luxury homes were sold in Hyderabad, while in the same period this year, the number jumped to 1,660.
Hyderabad joined Mumbai and Delhi in dominating the luxury home sales market, accounting for 90% of the total sales across the top seven cities. Delhi-NCR had the largest share at about 37%, followed by Mumbai and Hyderabad with approximately 35% and 18%, respectively. While Bangalore and Chennai experienced minimal growth, luxury home sales fell in Kolkata.
The festive sales for 2023 are expected to break records, with an anticipated 1,50,000-unit mark. CBRE Chairman & CEO – India, South-East Asia, Middle East & Africa, Anshuman Magazine, expects a substantial number of first-time buyers during the festive season, particularly in the premium and luxury segment.
Over 80,000 residential units were sold in the July-September 2023 quarter, with Mumbai, Hyderabad, and Pune dominating the market for apartment launches. High-end and premium categories remained key sales drivers, accounting for 35% of the market. With increasing demand in the mid-end and premium categories, the residential cycle is maturing amidst inflationary pressures.
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