Hyderabad witnesses rapidly growing sales of luxury properties

Hyderabad’s real estate market has successfully beat the downturn that enveloped real estate markets in other Indian metros over the last year or so. As per reports, prices of real estate in Hyderabad increased by roughly 22% over the last three years and went up by around 11% in Q2 FY2018-19 as compared to the same period in 2017. However, it’s not just growth in the entry-level and mid-segment housing space that Hyderabad is witnessing at present. The city is also seeing considerable growth in the luxury realty category, something that is unique amongst all major metro cities in the present scenario. Housing units with price tags of Rs. 1 crore and above account for a major chunk of home sales volumes for Q2 FY2018-19 and new launches as well. New home launches increased by a whopping 159% (year-on-year) for the quarter and 32% of these units were priced more than Rs. 1 crore. Over the last 3 years, properties priced in this segment have seen consistent sales growth. 59% of new launches were located in western Hyderabad, encompassing areas like Manikonda, Gachibowli, Miyapur and Bachupally among others. Other reports state that sales volumes have gone up by a handsome 49% for Q2 with units above Rs. 1 crore majorly contributing to this tally. They accounted for 23% of overall sales volumes as per reports. 31% of sales volumes came from housing units with prices ranging between Rs. 50-75 lakhs. The western part of the city also accounted for a whopping 55% of overall real estate sales volumes. Hyderabad also has the lowest levels of inventory at present and this stands at only 22 months or 38, 119 units approximately. 56% of total housing stock in Hyderabad is also located in western localities. Close to 74, 000 housing units are likely to be delivered to buyers by the year 2020 as per reports. Western Hyderabad is also witnessing the development of several prime projects including LnT Serene County at Gachibowli, Legend Ocarina at Manikonda and Lansum Etania at Gachibowli to name a few.