Upsurge in Demand for Luxury Homes in Hyderabad

The demand for luxury homes in Hyderabad city has caught up in recent times. Many areas of the city, particularly the IT hubs have witnessed high sale volumes of such residential units. Till about four years back the concept of luxury homes in the city was mostly correlated to huge bungalows and independent villas. However, in subsequent years the scope of luxury homes in the city has widened with the inclusion of multi-storied residential apartments as well coming under this lucrative category.

Compared to the scenario that formerly existed in the city with regards to the demand for luxury residences, there is a tremendous change with a surge in demand seen in recent years. This has resulted in a balance being maintained in the demand and supply ratio for luxury homes. Consequentially, the city has seen the launch of many high-end residential projects, which have either been launched or are in the pre-launch stage. One of the prime reasons for this spurt in demand is due to the development  of the Outer Ring Road (ORR). This has resulted in better connectivity and infrastructural facilities all around the city, thereby prompting developers to embark on major luxury projects across the city.

Factors influencing buyers:

The realty market in Hyderabad has seen less fluctuations in demand as well as in pricing, compared to other metros. The slump in the realty market of the city in general has resulted in it being transformed into a buyers market. Affordability is a major clinching factor for buyers compared to the real estate market of other metros. Besides, there are two other major aspects that buyers are mainly looking at, namely the brand name as well as the location of the project. Other factors like the future appreciation, security features as well as ultra-modern amenities that the projects provides are also important decision influencers.

Size and cost ranges:

While the demand for luxury homes was earlier limited to independent villas and bungalows, the current trend has shown a paradigm shift towards luxury apartments. The average size of luxury villas ranges between 4000-5000 sq ft, while for luxury apartments it is above 3,000 sq ft. The average cost of luxury apartments ranges between 1- 4 crore, while luxury villas cost above 2 crore.

Amenities provided:

The general amenities available in luxury villas include lifts/elevators, swimming pool, landscaped gardens, gymnasiums etc. Besides, there are exclusive theme-based villas on offer as well, with a personal swimming pool and gymnasium. Some of the exclusive amenities seen in luxury apartment projects among other features include a roof-top discotheque, a planetarium, preview theatres, water bodies, a club chouse as well as the scope for a small office space. Moreover, major developers are bringing in many high-end concepts into modern luxury homes. They include features like multi-leveled security aided with CCTV access, multi-level automated parking, biometric access, remote touch and mobile/i-pad controlled electrical/electronic devices, wi-fi connectivity etc.

Prominent areas and developers:

Some of the areas in the city where luxury homes are sprouting in large numbers are Hitech city, Banjara Hills, Gachibowli, Madhapur, Nallagandla, Narsingi and the ORR stretch. Some of the major luxury villas projects in the city are Aparna Orchids by Aparna Constructions and Estates at Madhapur, Meenakshi Bamboos by Meenakshi Group at Gachibowli, The Trials by Koncept Ambience Group on Outer Ring Road etc. Some major luxury apartment projects here are Legend Pranav by Legend Estates at Banjara Hills, Lodha Bellezza by Lodha Group at Kukatpally, Jayabheri Silicon Country by Jayabheri Group at Madhapur etc.