Hyderabad has witnessed a growth of 50 per cent in the total value of housing sold during fiscal year 2023 (April 1, 2022 to March 31, 2023) compared to the previous year, according to a report by real estate consultant Anarock. This surge in sales volume and price increments has propelled Hyderabad to become the second-highest contributor to the sales value after Pune.
The city has witnessed a surge of 10 per cent sales share by value during the fiscal year 2023, while it has witnessed 13 per cent sales share by units. However, what is even more intriguing is the significant rise in luxury housing sales, which has been noted across seven metropolitan cities, including Hyderabad, according to Anarock Group.
“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.
The year saw residential real estate worth Rs 3.47 lakh crore sold, 48 per cent more than in FY22. Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume, 30 per cent of the total units sold during the fiscal were in MMR, with this sold stock valued at Rs 1.67 lakh crore, accounting for 48 per cent in sales value share, he added.
As the pandemic reshaped the world, homebuyers have been reimagining their housing choices, and this has brought about a renewed interest in luxury housing. Hyderabad has been at the forefront of this trend, with an increasing number of people opting for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth.
“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.
Hyderabad’s thriving economy, coupled with its rich cultural heritage, makes it one of the most sought-after cities for real estate investments. With a growing IT industry, the city offers numerous job opportunities and has become a hub for startups. The state government’s proactive policies have further encouraged investors to look towards Hyderabad for profitable real estate ventures.