High-end luxury properties offered a glimmer of hope to Hyderabad realtors hit by the unprecedented drop in sales due to the coronavirus outbreak. While most buyers stayed away from the property market, luxury villas - priced between Rs 5 crore and Rs 12 crore - solid like hotcakes in the city. The buyers were mostly doctors, NRIs, businessmen and senior executives.
While residential sales to a decade-low of 974 units during April and June, about 100 premier units were sold in Hyderabad during the period. In 2019, the city sold over 4,000 houses during the April to June period, the Times of India reported.
Duplex villas located on the city's outskirts - Gopanpally, Narsingi, Gandipet - with price tags of Rs 5 crore to Rs 9 crore were most popular. Super-luxury apartments, costing Rs 10 crore to Rs 12 crore, too, found many takers.
Some buyers preferred villas outside the city due to the outbreak of coronavirus pandemic.
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"I was on the lookout for a property for some time. With the COVID-19 pandemic, I realised it would be better to live a little away from the city. So, we purchased a G+2 villa," said a surgeon working with a popular corporate hospital.
The family will soon move into a Rs 6 crore customised home in Narsingi, which is about 20 km away from the city centre. The house is spread over 5,500 square feet.
An NRI, based in the US, also invested in a property worth Rs 9 crore in Gopanpally along with eight others, in July. She plans to settle there after moving back to India.
"Each of these centrally air-conditioned villas has a private swimming pool, fully-equipped dry kitchen and other top-end fixtures," said Praveen Guniganti, dealing with the luxury project.
Hyderabad realtor Sumanth Reddy, President of the National Association of Realtors said there is an increase in demand for bigger homes.
"Buyers who can afford larger homes, want their families to be safe and comfortable post the pandemic. Moreover, this segment of buyers is never driven by the current market sentiment," Reddy said.
Meanwhile, deluxe apartments, priced between Rs 3 crore and Rs 5 crore, too, did brisk business. Particularly those that are either ready-to-move or nearing completion.
"As many as 65 of the total 154 units we sold in June were high-end. That’s a great number, considering the slowdown," DS Prasad, director, Aparna Constructions - a leading real estate firm of Hyderabad - told TOI.Click here for Moneycontrol's full coverage of the COVID-19 outbreak