The sales of luxury properties worth Rs 1 crore and above have been the highest in Hyderabad during Q1 of 2022. The share of total sales for luxury residential sales was recorded at 32 percent in the quarter during Q1 2022, which was the highest growth when it came to southern cities.
According to Knight Frank, Hyderabad registered a luxury property sale of 2211 units in Q1 2022. Consumers in this segment were less impacted by the pandemic and participated in strength in the purchase of properties.
Incidentally, the share of total sales for luxury residential sales in Bengaluru was 20 percent, and Chennai was 17 percent. “Sales volumes have recovered dramatically from their pandemic lows, and this revival has been most apparent in housing units priced over Rs 1 crore. While the share of this ticket size in overall sales stands at 25 percent as of Q1 2022 for India, that of Hyderabad is at a much higher 32 percent during the same period,” shares Vivek Rathi, director of research at Knight Frank, India.
He adds that since the share of this segment increased from 28 percent in Q1 2021 to 32 percent currently, home buyer demand is only strengthening the ticket size.