Indian real estate has changed drastically over the past decade or so. Rapid urbanisation has dotted the cityscapes with high rises and work mobility has resulted in an influx into the major cities. Although high input cost, rising inflation and steep interest rates have compelled real estate to go through a lean patch in the past couple of years, demand for luxury apartments seem not to have taken a severe hit.
Luxury real estate in India
The market for high end luxury homes, homes with a price tag of above two-three crore is still growing in demand. Around 5000 luxury homes worth more than 3 crore were launched during 2012. Let us take a look at the luxury localities in major cities of India – localities where one can buy a home worth around Rs 2 crore.
Mumbai and New Delhi were once being considered the centrepieces of Indian real estate. Although they still continue being the high seats of both residential and commercial real estate; cities like Chennai, Pune, Hyderabad, Bangalore, Kolkata, Chandigarh and Ahmedabad have come up as the big reality destinations in the past couple of decades.
Luxury homes in India are increasingly riding the tide of high demand. Two factors are working in favour of the luxury segment – growing number of high net worth individuals (HNIs) and higher mobility of working professionals across the cities. Premium homes come with a plethora of features that carry the tag of luxury living. The young professionals increasingly want to seek affluent lifestyle for them and for their family. Luxury homes in India now come with expensive villa/apartments located in central locations and offers experience of luxury lifestyle.
Hyderabad and Pune are two of the most promising and high growing real estate destinations in India. Here, let us take a look at localities in these two cities which offer luxury homes in the range of Rs 2 crore to Rs 4 crore.
Hyderabad
Hyderabad is considered as the one of the biggest IT/ITeS hub in India. The massive growth of IT sector in the city has resulted in job opportunities for lakh of professionals from across the nation. Young professionals come to the city in search of a standard lifestyle and would like settle down in a luxury home which give them the taste of affluent lifestyle.
The city has witnessed feverish growth of residential real estate in areas close to the IT companies/parks and the parallel growth of commercial real estate has helped projecting the city as the reality hotspot. Banjara Hills and Jubilee Hills are the most expensive localities in Hyderabad. The table below shows the localities offering luxury living options in the city.
Locality
|
Average price (Rs/sq ft)
|
Average size (sq ft)
|
| Gachibowli | 5500 – 6000 | 4200 |
| Madhapur | 4800 – 5400 | 4500 |
| Banjara Hills | 8300 – 8500 | 2650 |
| Begumpet | 5400 – 5600 | 4000 |
| Jubille Hills | 7100 – 7300 | 3000 |
Pune
Pune has three factors working wonders for the city – easy connectivity and proximity to Mumbai, the growth of IT/ITeS industry and more and more chunk of population opting it as a residential option. Pune has withstood the sluggish demand affecting the Indian real estate in 2012 and Pune real estate recorded an impressive price appreciation of 7%-8% during the period. The housing demand has been strong in Pune and areas such as Yerwada, Baner Road and Bhoslenagar has been able to register a quarter-to-quarter appreciation of 8%-13% in 2012.
The table shows the localities where one can look for expensive premium homes in Pune.
Locality
|
Average price (Rs/sq ft)
|
Average size (sq ft)
|
| Sopanbaug | 8500 – 12500 | 3300 |
| Yerwada | 6500 - 9500 | 2200 |
| Aundh | 7500 – 8500 | 2800 |
| Magarpatta | 6500 – 8500 | 3900 |
| Hadapsar | 6400 – 6800 | 3300 |
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