Hyderabad housing sector bullish with homes worth Rs 3,352 crore registered in March

Residential market across Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy had 6,414 apartments registered in March, a 12% jump from previous month

Hyderabad: The sentiment in the residential real estate sector in Hyderabad continues to remain buoyant with homes worth Rs 3,352 crore registered in March.

The Hyderabad residential market, comprising the four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, had 6,414 apartments registered during the month, which in month-on-month terms, is up by 12 per cent.

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In its latest assessment, Knight Frank India pointed out that 53 per cent of all homes registered in March 2023 were in the price range of Rs 25 lakh-50 lakh, while 70 per cent of all sales registered were for homes between 1,000 sft and 2,000 sft. The high demand for mid- and high-ticket-size homes persisted, with those worth Rs 50 lakh or more accounting for 29 per cent.

The Knight Frank assessment reveals that the share of demand in the less than Rs 25 lakh ticket-size stood at 18 per cent in March 2023, a marginal decline compared to the same period last year. “Greater demand for larger ticket-size homes remained evident as the cumulative share of sales registrations for properties with ticket sizes of Rs 1crore and above increased to 10 per cent in March 2023 from six per cent in March 2022,” it said.

Last month, the share of registrations in the category of properties sized 500 sft-1,000 sft stood at 16 per cent inline compared to the same period last year when the share of properties sized 1,000 sft-2,000 sft remained the highest with a total share of 70 per cent. The price growth in the Hyderabad market has been strong in recent times with higher value property being sold in March 2023.

Despite the increasing home loan interest rate and global economic uncertainties, Hyderabad’s registrations continued to remain strong in March, observed Samson Arthur, senior branch director at Knight Frank India. “The highest share of registrations came from homes with spaces ranging from 1,000-2,000 sft. This can be attributed to buyers’ desire to move up to homes with more space and amenities,” he added.

Consumers in Hyderabad continue to have a high level of confidence in their ability to uphold long-term financial commitments, which reflects on the city’s upbeat outlook, he said.