Hyderabad leads in luxury home sales

Hyderabad: During the initial nine months of 2023, there has been a remarkable 115% yearly surge in luxury home sales, with Hyderabad and Pune leading the way, according to data analyzed by the real estate consultancy firm Anarock. Luxury homes are those with prices starting at Rs 1.5 crore or more. Out of the 3.49 lakh units that were sold in India’s top seven cities - Mumbai, NCR, Bengaluru, Hyderabad, Pune, Kolkata, and Chennai - in the first nine months of 2023, roughly 24% or approximately 84,400 units fell into the luxury category.

In contrast, during the same period in 2022, only 14% (approximately 39,300 units) out of the 2.73 lakh units sold in those cities were considered luxury homes. This implies a substantial 115% annual increase in the number of luxury units sold between January and September 2023 compared to the corresponding period in 2022.

In the first nine months of 2023, Hyderabad experienced an astounding 260% increase in luxury housing sales. A total of 13,630 luxury units were sold during this period, compared to 3,790 units sold in the same period of the previous year.

Out of the approximately 44,220 homes sold across all budget categories in the city during the first nine months of 2023, luxury homes accounted for a significant 31% share.

Pune followed closely with the second-highest yearly growth rate of 191%. Approximately 6,850 luxury homes were sold in Pune during the first nine months of 2023, in contrast to 2,350 units in the same period of 2022.

Chennai witnessed a substantial 143% increase in luxury housing sales during this period, while Kolkata saw a more modest 69% annual increase. In Chennai, luxury home sales amounted to approximately 9% of the total units sold, with approximately 1,610 luxury units sold in the first nine months of 2023 compared to around 950 units in the same period of 2022.

In the first nine months of 2023, MMR (Mumbai Metropolitan Region), NCR (National Capital Region), and Hyderabad emerged as the top performers in luxury housing sales.

These three cities collectively accounted for approximately 63,390 luxury units sold during this period. Comparatively, in the same period of 2022, just 30,820 luxury homes were sold in these cities, which is less than half of the number sold in the first nine months of 2023.

Anuj Puri, Chairman of Anarock Group, noted that what’s particularly interesting is that none of the top seven cities experienced any slowdown in luxury housing sales. Instead, all of them witnessed an acceleration in this segment, demonstrating a robust and expanding luxury real estate market.