HYDERABAD: Sales of luxury homes priced over Rs 4 crore soared 97% in the January to September 2023 period in the top seven cities of the country with Hyderabad featuring among the top three markets after Delhi-NCR and Mumbai, according to realty consulting firm CBRE.
As many as 9,246 luxury homes were sold in the top seven cities during the January-September 2023 period as compared to 4,689 units in the nine month period ended September 2022.
In fact, the three leading cities accounted for 90% of the total luxury homes sold in the top seven cities during the first nine months of 2023 with Delhi NCR leading the pack with 3,400 units as compared to 1,511 units in the nine months ended September 2023.
While Delhi NCR accounted for a total share of about 37% in the total luxury home sales during this period, Mumbai accounted for 35% and Hyderabad at 18% followed by Pune at 4%, said the CBRE report `India Market Monitor Q32023.
According to CBRE the 2023 festive season is all set to record the highest sales in residential realty in the past three years with over 1.5 lakh homes expected to be sold during the festive second half of 2023 as compared to 1.47 lakh units sold in H2 of 2022 and 1.14 lakh units sold in H2 of 2021.
CBRE chairman & CEO for India Anshuman Magazine said the overall housing market is expected to be bolstered by the ongoing festive season thanks to a pause in the interest rate cycle and incentives and schemes offered by developers.
“The October-December 2023 period is poised to attract a substantial number of first time buyers, with fence sitting end-users expected to take their decision during the festive season offers and discounts. As the residential cycle matures amidst inflationary pressures, we have witnessed increasing demand in the mid-end and premium categories,” he said.
“Conversely, the premium and luxury segment is expected to emerge as a sought-after investment avenue, particularly for HNIs and NRIs seeking to safeguard their investments amid global macroeconomic uncertainties,” he added.
As many as 9,246 luxury homes were sold in the top seven cities during the January-September 2023 period as compared to 4,689 units in the nine month period ended September 2022.
In fact, the three leading cities accounted for 90% of the total luxury homes sold in the top seven cities during the first nine months of 2023 with Delhi NCR leading the pack with 3,400 units as compared to 1,511 units in the nine months ended September 2023.
While Delhi NCR accounted for a total share of about 37% in the total luxury home sales during this period, Mumbai accounted for 35% and Hyderabad at 18% followed by Pune at 4%, said the CBRE report `India Market Monitor Q32023.
According to CBRE the 2023 festive season is all set to record the highest sales in residential realty in the past three years with over 1.5 lakh homes expected to be sold during the festive second half of 2023 as compared to 1.47 lakh units sold in H2 of 2022 and 1.14 lakh units sold in H2 of 2021.
CBRE chairman & CEO for India Anshuman Magazine said the overall housing market is expected to be bolstered by the ongoing festive season thanks to a pause in the interest rate cycle and incentives and schemes offered by developers.
“The October-December 2023 period is poised to attract a substantial number of first time buyers, with fence sitting end-users expected to take their decision during the festive season offers and discounts. As the residential cycle matures amidst inflationary pressures, we have witnessed increasing demand in the mid-end and premium categories,” he said.
“Conversely, the premium and luxury segment is expected to emerge as a sought-after investment avenue, particularly for HNIs and NRIs seeking to safeguard their investments amid global macroeconomic uncertainties,” he added.
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