Hyderabad's upscale real estate market, featuring properties priced at Rs 4 crore and above, has witnessed a substantial upswing in sales during the Jan-Sep 23 period, according to CBRE South Asia Pvt Ltd's 'India Market Monitor Q3 2023' report. The city experienced a remarkable surge, with 1,660 luxury units sold during this timeframe, a stark contrast to the previous year's modest 138 units. This surge positions Hyderabad as a high-performing market, alongside Delhi-NCR and Mumbai, dominating luxury housing sales and contributing 18% to the total luxury housing market.
In terms of new housing launches, Mumbai, Pune, and Hyderabad emerged as key players, collectively holding a significant 64% market share in the first nine months of the year. These cities also maintained dominance in apartment launches, with a combined share of 63%. The report anticipates continued growth as the robust sales performance in the first nine months of 2023 sets the stage for further expansion, especially with high expectations for record-breaking housing sales during the festive season.
Overall residential sales, surpassing 2,30,000 units during Jan-Sep 23, indicated a year-on-year growth of approximately 5%. Sustained demand drove developers to launch more than 220,000 new housing units within the same timeframe. In this timeframe, residential sales were predominantly driven by mid-end projects, constituting nearly half of the total sales, followed by high-end and affordable projects.
Anshuman Magazine, chairman and CEO of CBRE, India, South-East Asia, Middle East, and Africa, expressed optimism, stating, "With the stabilization of interest rates and the array of incentives and schemes offered by developers during the festive season, sales are expected to rise even further."
© 2023 Rera News. All rights reserved.