Hyderabad sees surge in luxury housing: NAREDCO Chief

31 May 2024 CW Team

The housing market in Hyderabad, similar to many other places in India, is witnessing a notable trend towards luxurious homes featuring spacious layouts and high-quality amenities. The ongoing rise in property prices throughout 2024 and the changing market dynamics.

Implementation of unlimited floor area ratio (FAR), government policies, and regulations have impacted the property market in Hyderabad. The real estate sector in Hyderabad has experienced significant growth, credited to the government's focused efforts on infrastructure development and the expansion of industries, particularly in IT, ITES, and pharmaceutical sectors. The removal of the FAR cap has enabled developers to effectively cater to the increasing demand. Notably, several major projects in the city now provide more open spaces and larger living areas compared to other cities, leading to substantial growth in Hyderabad's property market.

According to recent property registration data, approximately 85% of residential flats registered in the city during the first four months of 2024 have a size of 1000 sq ft or larger. Conversely, there has been a decline in demand for flats below 1000 sq ft on a year-on-year basis. Despite this trend, property prices in Hyderabad remain relatively affordable compared to cities like Mumbai, partly due to the value-for-money proposition offered by developers in terms of larger flat sizes and enhanced amenities.

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