According to a report by real estate consultant Anarock, the total value of housing sold in Hyderabad grew by 50% during fiscal year 2023 (April 1, 2022 to March 31, 2023) compared to the previous year. This increase in sales volume and price increases has propelled Hyderabad to the second-highest contributor to sales value, trailing only Pune.
During the fiscal year 2023, the city saw a 10% increase in sales share by value, and a 13% increase in sales share by units. What is more intriguing, according to Anarock Group, is the significant increase in luxury housing sales that has been observed across seven metropolitan cities, including Hyderabad.
“FY23 created a new record of highest sales volume across the top seven cities, with approximately 3.79 lakh units sold – 36 per cent higher than the previous year,” said Anuj Puri, Chairman at Anarock.
Residential real estate worth Rs 3.47 lakh crore was sold this year, up 48% from FY22. Mumbai Metropolitan Region (MMR) led in both sales value and volume, accounting for 30% of total units sold during the fiscal, with this sold stock valued at Rs 1.67 lakh crore, accounting for 48% of sales value share, he added.
As the pandemic reshaped the world, homebuyers reimagined their housing options, sparking renewed interest in luxury housing. With an increasing number of people opting for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth, Hyderabad has been at the forefront of this trend.
“The uptrend in luxury housing is the result of overall improved homeownership sentiment, improved earning potential, and the desire for homes that are technologically equipped and offer a convenience-driven lifestyle and pride of ownership,” says Puri.
As a result of its thriving economy and rich cultural heritage, Hyderabad is one of the most sought-after cities for real estate investments. With a thriving IT industry, the city provides numerous job opportunities and has emerged as a startup hotspot. The proactive policies of the state government have further encouraged investors to look to Hyderabad for profitable real estate ventures.
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