Sales of properties priced at Rs 4 crore and above dropped sharply to 200 units in Q3 2024, down from 630 in the same period last year – a staggering 68 per cent decline.
Hyderabad: Hyderabad’s luxury real estate market, long seen as a rising star in India’s property sector, has hit a stumbling block.
In recent years, the demand for high end luxury housing had been steadily rising in the city with a host of projects launched on the immediate city outskirts and beyond. The more spacious properties rolling out with greenery in abundance in pristine locations and dotted with amenities right from promenades to fitness centers and shopping facilities to banking, went up the charts.
This trend which sort of pushed out the affordable housing concept out of the residential real estate map also impacted the mid-range housing. However, while the luxury housing segment in other big metros sustained and kept growing, Hyderabad market in last few months appears to have taken a beating.
A new report ‘India Market Monitor Q3 2024 – Residential’ from CBRE South Asia released on Thursday, reveals that luxury home sales in the city nosedived in the third quarter (July to September) of 2024. Sales of properties priced at Rs 4 crore and above dropped sharply to 200 units in Q3 2024, down from 630 in the same period last year – a staggering 68 per cent decline.
Other major cities like Delhi-NCR and Mumbai saw their luxury housing markets soar. Delhi-NCR posted a massive jump to 2,590 units sold in Q3 2024, compared to just 480 a year earlier. Mumbai also recorded solid growth, with luxury sales climbing to 1,280 units from 1,040 during the same period.
While Hyderabad’s luxury market stumbled in the recent quarter, its year-to-date performance shows more stability. Between January and September 2024, the city sold 1,540 luxury units, only slightly down from 1,560 in the same nine-month stretch last year.
By contrast, other cities reported more sustained gains. Pune saw its luxury market explode, with year-to-date sales nearly tripling from 330 units in 9M’23 to 810 units in 9M’24. Kolkata and Chennai also posted notable increases in luxury home sales.
