In Hyderabad, sales of high-end homes, priced between Rs 1 crore and Rs 2 crore or more, now make up over 50 per cent of total sales since 2022, up from 30 per cent before 2021. In addition to this, high-end home launches in the city have also spiked to 55-65 per cent of new developments since 2022, a sharp increase from the less than 20 per cent seen each year before the pandemic. Hyderabad: In the past three years, the property market in Hyderabad has witnesses massive changes.
While the sales of mid-range homes have dropped significantly, the high-end housing segment market has witnessed a massive surge. Hyderabad has become a favoured location for premium and luxury homes due to its extensive growth in the last 10 years. A recent report from CBRE South Asia Pvt.
Ltd, titled ‘Hyderabad’s Residential Renaissance: Dissecting the city’s transforming housing landscape,’ highlights these changes. The data in this report throws light on the fact that sales of high-end homes, priced between Rs 1 crore and Rs 2 crore or more, now make up over 50 per cent of total sales since 2022, up from 30 per cent before 2021. In addition to this, high-end home launches in the city have also spiked to 55-65 per cent of new developments since 2022, a sharp increase from the less than 20 per cent seen each year before the pandemic.
Mid-range properties’ sales drop The surge in the high-end properties has come at the expense of mid-range homes, which are now priced between Rs 45 lakh and Rs 1 crore. These mid-range properties now account for less than 25 per cent of sales in the first half of 2024, which is down from 50 per cent until 2021. New launches in this segment have also dropped to 25 per cent from 60-70 per cent before COVID-19.
In the past, the mid-range housing segment dominated Hyderabad’s residential market in terms of new launches and sales. However, post pandemic, there has been a clear shift towards high-end homes, driven by higher incomes and changing buyer preferences. In addition to this, the premium (Rs 2 crore to Rs 4 crore) and luxury (Rs 4 crore and above) segments, which accounted for less than 5 per cent of total launches until 2021, have grown to over 20 per cent of all new developments in 2023 and the first half of 2024, said the CBRE report.
The report attributes this growth to major developments in western Hyderabad, particularly in areas like Kokapet, Tellapur, Narsingi, Manikonda, and Nanakramguda. Now, the leading developers are focusing more on larger units, such as 3 BHK and 4 BHK apartments, due to increased demand for spacious homes with dedicated workspaces and recreational areas, and this new trend is particularly strong in Kokapet (Neopolis) and Nanakramguda areas..
