Hyderabad tops in affordable luxury housing
Hyderabad is seeing several luxury housing projects, yet the city is still in the affordable price bracket. While cities such as Delhi, Mumbai and Bengaluru appear among the global top 45 cities with luxury residential prices seeing hike, Hyderabad is seen among the affordable cities, keeping it outside of this 45-global cities’ index. As per the latest Knight Frank Prime Global Cities Index, Delhi is ranked at seventh position globally, with prime property price growing by 5.8 per cent on a yearly basis and 4.4 per cent on a quarterly basis ending first quarter (January-March) of 2019. Bengaluru witnessed a growth of 2 per cent on 12-month and 0.8 per cent on three-month basis, standing at the 20th position on the Index. At 31st position, Mumbai registered growth by 0.6 per cent on 12 month and 0.3 per cent on three-month basis, indicating a momentum in the affordable and mid-segment housing category. As luxury housing is affordable in Hyderabad compared to other top metros, there is certainly growing demand in terms of such housing in micro markets such as the Kokapet-Narsingi-Gandipet belt, which is in the thick of action with carpet price estimated between Rs 8,000 and 16,000 per sq ft. While this area is now dominated by luxury high rise projects, not so long ago this belt was dominated by villas which were in great demand by the uber rich class typically from around Banjara Hills and Jubilee Hills. Proximity of this belt to Gachibowli and HITEC City adds to the attraction.
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