HYDERABAD: Hyderabad is truly becoming a millionaire's playground. The sales of luxury properties of Rs 1 crore ticket size and above have been highest in Hyderabad during Q1 of 2022. The share of total sales for luxury residential sales was recorded at 32 per cent in the quarter during Q1 2022, witnessing the highest percentage growth compared to other Southern cities.
According to Knight Frank, Hyderabad has registered a luxury property sale of 2,211 units in Q1 2022. Consumers in this segment were less impacted during the pandemic and participated in strength in the purchase of such properties.
The share of total sales for luxury residential sales in Bengaluru was 20 per cent and Chennai was 17 per cent during Q1 2022. The sale of luxury residential properties with a ticket size of Rs 1 crore and above in Bengaluru was recorded at 2,761 units and Chennai was recorded at 3,376 units during Q1 2022.
Vivek Rathi, Director of Research at Knight Frank India, said, "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 per cent as of Q1 2022 for India, that of Hyderabad is at a much higher 32 per cent during the same period."
He said that given that the share of this segment has increased from 28 per cent in Q1 2021 to 32 percent currently, home buyer demand is only strengthening in this ticket size.