Hyderabad is one of the most sought-after destinations for real estate investments because of its flourishing economy and rich cultural legacy.
According to a report by real estate consultancy Anarock, Hyderabad has seen a growth of 50% in the total value of housing sold during fiscal year 2023 (April 1, 2022, to March 31, 2023) compared to the prior year. Due to the increase in sales volume and price increases, Hyderabad is now second only to Pune in terms of its contribution to the sales value.
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During the fiscal year 2023, the city experienced an increase of 10% in sales share by value while experiencing a 13% increase in sales share by units. But what’s even more remarkable is the sharp increase in sales of luxury homes that Anarock Group reports have been observed in seven major cities, including Hyderabad. According to Anuj Puri, Chairman at Anarock, “FY23 created a new record for highest sales volume across the top seven cities, with approximately 3.79 lakh units sold – 36% higher than the previous year.”
Residential real estate of Rs 3.47 lakh crore was sold throughout the year, which is 48% more than in FY22. He said, “Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume, accounting for 30% of the total units sold during the fiscal, with this sold stock valued at Rs 1.67 lakh crore, accounting for 48% of sales value share.”
Homebuyers have been reinventing their housing options as the pandemic transformed the world, and this has rekindled interest in luxury property. People are increasingly choosing homes that are future-proof in terms of size, lifestyle appeal, and resale value increase, and Hyderabad has been at the forefront of this trend.
According to Puri, the rise in luxury housing is due to factors such as the increased desire for technologically advanced homes that provide a convenient lifestyle and a sense of pride in ownership. These factors have also enhanced homeownership sentiment and earning potential.
Hyderabad is one of the most sought-after destinations for real estate investments because of its flourishing economy and rich cultural legacy. The city provides many employment prospects and has turned into a hotbed for startups thanks to a booming IT industry. The proactive initiatives of the state government have further persuaded investors to seek Hyderabad for lucrative real estate endeavors.
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