Hyderabad: Demand for larger ticket-size homes up
Residential units in the price band of Rs 25 lakh to Rs 50 lakh constituted 50 per cent of the total registrations in the month of November, which is an increase from a share of 37 per cent in November 2021.
Hyderabad: Hyderabad recorded registrations of 6,119 units of residential properties in the month of November, up by 32 per cent Month on Month (MoM). The total value of properties registered in the month stood at Rs 2,892 crore.
In its latest assessment, Knight Frank India noted that the city since the beginning of the year has recorded registration of 62,159 residential units with a total worth of Rs 30,415 crore compared to registrations of 75,453 residential units amounting to Rs 33,531 crore observed in similar period last year. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Residential units in the price band of Rs 25 lakh to Rs 50 lakh constituted 50 per cent of the total registrations in the month of November, which is an increase from a share of 37 per cent in November 2021.
Demand in the less than Rs 25 lakh ticket-size however weakened with its share constituting 22 per cent compared to 39 per cent a year ago. Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of Rs 50 lakh and above increased to 28 per cent in November 2022 from 24 per cent in November 2021, according to Knight Frank India.
In November 2022, the share of registrations in unit category of properties sized 500 – 1000 square feet increased to 22 per cent compared to 15 per cent observed in November 2021 while properties sized 1,000 square feet or higher witnessed a dip in share from 74 per cent in November 2021 to 65 per cent in November 2022.
At district level, the study shows that home sales registrations in the Medchal-Malkajgiri district was recorded at 41 per cent followed by Rangareddy district at 39 per cent. The share of Hyderabad district in total registrations was recorded at 14 per cent in November 2022, the report by Knight Frank said.
The weighted average prices of transacted residential properties have increased by 12 per cent YoY in November 2022. Sangareddy district saw the steepest rise of 47 per cent YoY in November 2022 indicating more higher value homes were sold in this location during this period. Price growth in the Hyderabad market has been strong in recent times. With higher value property being sold in November 2022.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Residential registrations in Hyderabad increased by 32 per cent MoM in November 2022, while observing a 21 per cent decline on yearly basis. The city’s residential market saw some relief in November as Hyderabad market witnessed an uptick in registrations despite major headwinds from geopolitical developments and a spike in home mortgage rates over the last few quarters.”
Samson Arthur, Senior Branch Director, Knight Frank India said, “Hyderabad’s residential registrations grew in November 2022 despite the impact of rising interest rates and concerns about inflation as the city continues to witness demand supported by its booming socioeconomic environment, cutting-edge infrastructure, and business-friendly policies. The increase in registrations for high value homes over the course of the year, clearly reflects the city’s upbeat outlook”.
