Home registrations in Hyderabad up by 152 per cent in May: Knight Frank India
Hyderabad: Consolidating the positive sentiment for property acquisition, Hyderabad had residential properties worth Rs.3,058 crore transacted in the month of May. Undeterred by the after-effects of the Covid-19 pandemic and lockdowns, the Hyderabad residential market that comprises the four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy – since January this year had properties worth over […]
Hyderabad: Consolidating the positive sentiment for property acquisition, Hyderabad had residential properties worth Rs.3,058 crore transacted in the month of May.
Undeterred by the after-effects of the Covid-19 pandemic and lockdowns, the Hyderabad residential market that comprises the four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy – since January this year had properties worth over Rs.15,000 crore registered.
According to inputs collated by real estate consultancy Knight Frank India, 55 per cent of all home sales in May were in the Rs.25 lakh to Rs.50 lakh ticket-size while 73 per cent of all sales registered were for homes between 1,000 sft and 2,000 sft.
In a report released on Thursday, Knight Frank India noted that sale of 6,301 properties were registered in Hyderabad in May which happens to be a 152 per cent Year-over-Year (YoY) and 17.6 per cent Month-over-Month (MoM) increase.
The total value of properties transacted in May that stood at Rs.3,058 crore also was a 146 per cent YoY rise and 9.9 per cent MoM rise, taking the cumulative value of all properties registered since January 2022 to Rs.15,071 crore.
Of all residential sales registered during May, the Knight Frank India report points out that homes in the price band of Rs.25 lakh to Rs.50 lakh constituted 55 per cent. Demand in the less than Rs.25 lakh ticket-size however weakened with its share constituting 18 per cent.
“The cumulative share of sales registrations for properties with ticket-size Rs.50 lakh and above increased to 27 per cent in May 2022 compared to 26 per cent in May 2021,” the report said.
Sales in unit sizes over 1,000 sft maintained its share at approximate 81 per cent of all home sales registrations in May 2022 with homes in the size of 1,000 sft to 2,000 sft being 73 per cent of all sales registered during the period.
“The trend of homebuyers looking to upgrade and move into larger living quarters, which was sparked by the pandemic, continued to hold strong in May 2022 as well,” the report observed.
Medchal-Malkajgiri
A district-level study of the Hyderabad residential market shows that home sales registrations in Medchal-Malkajgiri was recorded at 51 per cent last month followed by the Rangareddy district at 35 per cent. The share of Hyderabad district in the total registrations was recorded at 11 per cent.
Shishir Baijal, Chairman and Managing Director, Knight Frank India observed that Hyderabad in the recent years has had one of the strongest demand trends, despite external factors such as economic downturn and inflation.
“While the rising building costs have had an impact on the more price sensitive categories, the upper segments have had little influence, keeping the market strong. End-users continue to be drawn to home purchases by factors such as job security, rising household incomes and savings, and conformable home-loan rates,” he added.
