Hyderabad recorded highest percentage Year-on-Year luxury Home's sales

Hyderabad recorded the highest percentage increase in sales on a Year-on-Year basis with a whopping 14 fold growth. If the H1 of 2022 recorded the total sale of luxury units (Rs 4 crore and above) as 100, the 2023 H1 had the figures shooting up to 1,400. The CBRE South Asia, India’s leading real estate consulting firm, in its findings of Jan-Jun’23 residential sector data has highlighted key trends across various segments in the residential sector across the top seven cities in India.

According to the CBRE South Asia report, the luxury housing segment in India maintained strong sales momentum, registering a 130 percent Y-o-Y increase in January-June 2023 period. Among the leading cities in absolute terms, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, combined together accounting for nearly 90 percent of the total luxury housing sales across top seven cities.

Hyderabad recorded the highest percentage increase in sales on a Y-o-Y basis with nearly 14-fold growth with total sales of 1400 units,” the CBRE report pointed out. This was followed by a nearly six-fold increase in sales in Pune and over three-fold jump in Delhi-NCR on a Y-o-Y basis.

A similar trend prevailed during the Apr-June’23 quarter in the luxury housing segment across the top cities registering a 121 percent Y-o-Y increase in sales. The quarter saw total sales of 3,100 luxury housing units compared to 1,400 units during the same quarter last year. Among the cities, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets during the quarter, while luxury sales in Hyderabad increased by 20 times, it jumped three-fold in Delhi-NCR, documented the CBRE South Asia report.

The surge in demand for luxury housing is primarily attributed to a growing preference for enhanced amenities and more spacious living areas. Moreover, it is the aspirational class that has been on an upward trend and driving luxury sales. Besides, the rise in NRI investments in the Indian real estate market has significantly contributed to the heightened demand for luxury properties, it noted.