In a significant development, Hyderabad’s real estate sector has witnessed a notable shift with a surge in high-value property transactions, particularly those valued at Rs 1 crore and above. According to a recent report by PropTiger.com, owned by REA India, this trend highlights the resilience and adaptability of the city’s real estate market amidst changing dynamics.
The report, titled “Real Insight Residential – January-March 2024,” reveals that between January and March 2024, approximately 14,290 housing units were sold in Hyderabad. Of these transactions, 61 per cent were properties priced above Rs 1 crore, indicating a strong preference for premium residences. Additionally, 17 per cent of units were sold in the range of Rs 75 lakh to Rs 1 crore, while 18 per cent fell between Rs 45 lakh and Rs 75 lakh. The remaining 4 per cent constituted properties priced between Rs 25 lakh and Rs 45 lakh.
Vikas Wadhawan, Group CFO of PropTiger.com, emphasized the robust momentum in India’s housing market, noting a 30 per cent increase in residential sales across the top eight cities during the first quarter of 2024. He highlighted a substantial 41 per cent year-on-year rise in residential sales, underscoring the growing demand for premium properties.
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“The escalating demand for properties priced at Rs 1 crore and above in Q1 2024 underscores the resilience of India’s real estate sector,” stated Wadhawan. He attributed this trend to evolving buyer aspirations, with a preference for modern amenities and spacious layouts. As land costs, construction inputs, and overall market dynamics evolve, the Rs 1 crore threshold has become increasingly common in major cities.
Despite fluctuations across different price segments, the prevailing trend indicates promising opportunities for investors and reflects a positive trajectory in the market. The shift towards larger, amenity-rich homes continues to drive the uptrend in property prices, aligning with the evolving preferences of discerning homebuyers.
In conclusion, the real estate landscape in Hyderabad is witnessing a significant transformation, driven by changing consumer demands and a buoyant market outlook.
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