Luxury homes in Hyderabad are attracting investments worth millions. Affluent residents are flocking to properties that exude opulence and elegance. Consequently, the residential real estate market in Hyderabad has witnessed a significant surge in registrations of high-value homes. In March 2024 alone, luxury home registrations amounted to a staggering ₹1724 crores. This marks a notable 54% increase, as reported by Knight Frank India.
Rapid Surge in Property Sales and Registrations
Property sales registrations valued at ₹100 million or more saw a 16% increase in March, compared to a 10% growth recorded in the same period in 2023. Additionally, registrations for properties ranging from ₹25 lakhs to ₹50 lakhs have surged in Hyderabad’s real estate market. Among all registrations, nearly 45% are attributed to properties in this price range. Furthermore, properties priced above ₹10 million witnessed a 16% increase in value.
Notable Deals in Kondapur and Kukatpally
Within the vicinity of the Hyderabad Metropolitan Region, luxury property sales have flourished notably in Ranga Reddy district. The top five deals of March 2024 were sealed in this area, with properties sprawling over 3000 square feet fetching prices upwards of ₹53 million. Four of these deals were registered in Kondapur alone, while one deal transpired in Kukatpally.
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Impact of the Post-Pandemic Era on Property Values
Following the emergence of the coronavirus, property values have been on an upward trajectory. This trend, which initially manifested in March, has persisted. Prospective buyers are increasingly gravitating towards high-value properties. Reports indicate a growing preference for spacious accommodations. In March 2024, luxury property registrations surged by 15%. Additionally, there’s been a significant increase in demand for properties with a built-up area ranging from 1000 to 2000 square feet.
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Conclusion
The real estate market in Hyderabad is experiencing a remarkable boom, especially in the luxury segment. With substantial increases in property sales and registrations, coupled with a post-pandemic surge in demand for opulent residences, Hyderabad continues to solidify its position as a prime destination for luxury real estate investments. As the market dynamics evolve, stakeholders can anticipate further growth and expansion in the foreseeable future.
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