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In a dramatic development, Hyderabad has posted a remarkable 14-fold increase in the sales of luxury homes, marking the highest percentage escalation in the Year-on-Year (YoY) statistics. This tremendous growth has been meticulously detailed in the latest report by CBRE South Asia, India's premier real estate consulting firm.
The CBRE's residential sector data for the period January to June 2023 has unveiled some prominent trends in the luxury housing sector across India's top seven cities. The analysis shows that the luxury housing market remained vibrant and resilient, with a remarkable 130% YoY surge in sales for the first half of 2023.
Hyderabad took center stage in this growth, with the number of luxury units sold (valued at Rs 4 crore and above) surging from 100 in H1 2022 to an astonishing 1,400 in H1 2023. The city's remarkable performance was followed by a six-fold increase in Pune and over a three-fold jump in Delhi-NCR on a YoY basis.
Among India's leading urban centers, Hyderabad, along with Delhi-NCR and Mumbai, emerged as robust markets, collectively accounting for nearly 90% of the entire luxury housing sales across the top seven cities.
The Q2 2023 data further reinforces this trend, displaying a 121% YoY increase in luxury housing sales across the leading cities. During this quarter, a total of 3,100 luxury units were sold compared to 1,400 in the corresponding period last year. Hyderabad's luxury sales multiplied by 20 times, while Delhi-NCR witnessed a three-fold jump, as outlined in the CBRE South Asia report.
This escalating demand in the luxury housing segment has been primarily fueled by a growing affinity for enhanced amenities and spacious living conditions. Additionally, a rise in the aspirational class's buying trends, coupled with increased NRI investments in the Indian real estate market, has significantly propelled the demand for these high-end properties.
In conclusion, the luxury housing sector in India has experienced remarkable growth, with Hyderabad standing out as a star performer. The 14-fold increase in sales represents not only a strong market trend but also a shift in buyer preferences towards more opulent living standards. The robust growth in cities like Pune and Delhi-NCR further underscores the thriving demand for luxury properties in India, reflecting an upward trajectory in the real estate sector.
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