HYDERABAD: In March, India's largest real estate group DLF had sold 1,137 flats in luxury high-rise residential project, each worth around Rs 7 crore, in Gurugram in just three days! This news opened the eyes of Indians to the latent demand for super luxury residential projects which are getting lapped by high-network individuals (HNIs).
While Delhi NCR, which counts Gurugram as its part, stands at 77th place in the Prime International Residential Index (PIRI 100) that tracks luxury housing prices in top 100 cities in the world, Mumbai is ranked much ahead of it at 37 and Bengaluru 63.
However, Hyderabad, which is one of the major IT hubs of India and boasts to be third biggest buyer of super luxury cars in India after Delhi and Mumbai, finds no mention in this list.
Harsha Reddy, managing partner of Hyderabad-based developer Raghava Constructions believes Hyderabad will finds its place in this niche area very soon.
"The whole Hyderabad luxury real estate game will change in the next two to three years. People will be pampered with luxury," he said.
For his company, Harsha said he intends to make luxury a byword.
"Currently, we are working on two luxury projects — Iris by Raghava at Nanakramguda, Capital 45 in Financial District, and a revolutionary budget project, which is yet to be announced."
Iris by Raghava is a super luxury project with four million square feet of built-up area spread over eight acres, while Capital 45 will be spread over three acres with a built up area. The budget project, which is in the planning stage, will be truly aspirational in every aspect of design, comfort and amenities.
The three projects will have a built up area of 30 million square feet of built-up area.
The young second generation entrepreneur, who wants his company to be the Apple and Tesla of the real estate sector, said Iris by Raghava, whose construction began in December 2022, would be the crown jewel of his company.
“The signature feature of Iris by Raghava is the sky bridge that connects three 44-floor towers. The one-kilometre-long bridge will come up at 195 metres or close to 700 feet high. It will have walking track, where no kind of pollution can reach you. We are creating all kinds of amenities to create a social life. It will have mini golf, gym, and several other amenities."
Harsha believes it is the right time to enter the Hyderabad real estate market with a luxury project.
A luxury outlook survey by Sotheby’s International Realty substantiates it. About 75 per cent of the wealthy, the survey claimed, believe that real estate will do well over the next 2-3 years and 74 per cent of the surveyed high networth individuals (HNI) and ultra HNIs believe real estate is an important asset to hedge against inflation.
