Telangana Hyderabad sees upward shift in luxury housing
The indian residential real estate market had a notable increase in sales and new product launches in the first quarter of 2024, but the situation is changing differently at different price points. Anarock's latest research indicates that although affordable housing is facing difficulties due to shifting homeowner choices, luxury housing is seeing an increasing trend.
With its largest sales in the midrange and luxury home segments, hyderabad became a focal point in this changing dynamic. In the meantime, sales of luxury homes in the National capital Region (NCR) surged, indicating a significant reversal of the trend from five years prior.
With its largest sales in the midrange and luxury home segments, hyderabad became a focal point in this changing dynamic. In the meantime, sales of luxury homes in the National capital Region (NCR) surged, indicating a significant reversal of the trend from five years prior.
Over twenty-one percent of all units sold in the top seven cities were luxury residences costing more than Rs 1.5 crore.
This is a far cry from the situation that prevailed five years ago when affordable housing accounted for 37% of the market. The shifting environment is further highlighted by the regional differences in housing patterns. In Q1 2024, cities such as hyderabad, Bengaluru, Chennai, Pune, mumbai Metropolitan Region (MMR), and Bengaluru had strong sales in the premium and mid-range categories, which are priced between Rs. 40 lakh and Rs. 1.5 crore.
This is a far cry from the situation that prevailed five years ago when affordable housing accounted for 37% of the market. The shifting environment is further highlighted by the regional differences in housing patterns. In Q1 2024, cities such as hyderabad, Bengaluru, Chennai, Pune, mumbai Metropolitan Region (MMR), and Bengaluru had strong sales in the premium and mid-range categories, which are priced between Rs. 40 lakh and Rs. 1.5 crore.
Puri says, "Affordable housing continues to fade into the background as luxury homes gain traction in terms of both new supply and sales." Based on data patterns over the previous five years, there has been a consistent increase in both the supply and sales proportion of luxury residences.
Prior to COVID-19, 11% of newly constructed residences in the top seven cities were luxury properties. This percentage increased to a staggering 25% in Q1 2024.
Prior to COVID-19, 11% of newly constructed residences in the top seven cities were luxury properties. This percentage increased to a staggering 25% in Q1 2024.