Luxury Housing Sales Plunge 68% In Hyd

Hyderabad: The luxury housing market in Hyderabad saw 200 units being sold during September quarter (Q3) in 2024, down nearly 68 per cent from 630 units sold in the same period a year ago, according to a report.

However, Hyderabad witnessed sale of 1,540 luxury units during the first nine months (January-September) of 2024, against 1,560 units sold during the same period last year, according to the report titled ‘India Market Monitor Q3/2024 – Residential’ released by CBRE South Asia Pvt Ltd, a real estate consulting firm, on Thursday.

As per the study, the total luxury units sold during the January-September period this year across the top-7 cities stood at 12,630, when compared to 9,165 units sold during the same period last year. For this, residential units priced above Rs 4 crore are considered as luxury houses.

In terms of quantum luxury residential unit sales, Hyderabad stood third among the top-7 cities during the nine-month period.

Further, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 90 per cent of the total luxury housing sales across the top seven cities. Further, Pune recorded a noteworthy increase in luxury sales activity, with 810 unit sales in the same nine-months period.

According to the real estate consulting firm, sales of luxury housing is primarily attributed to a growing preference among affluent buyers for enhanced amenities and more spacious living areas.

In the overall residential sector, over 2.25 lakh houses were sold in the last nine months. Mumbai, Pune, and Bengaluru collectively represented 64 per cent of total sales between January and September 2024. While boosted by strong market dominance, Mumbai, Pune, and Hyderabad collectively accounted for 64 per cent of the cumulative unit launches during the first nine months of this year. In September quarter of 2024, cumulative share of apartment launches for Mumbai, Pune, and Hyderabad stood at 65 per cent.