Hyderabad property registrations continue upward trajectory in February

The Hyderabad residential market, encompassing districts such as Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, witnessed a notable shift towards the sale of higher value homes.

Hyderabad: Property registrations in Hyderabad continued their upward trajectory in February 2024, a report from Knight Frank India, released on Wednesday said.
A total of 6,938 residential properties were registered during the month, marking a increase of 21 per cent Year-on-Year (YoY) and 27 per cent Month-on-Month (MoM). The total value of properties registered stood at Rs 4,247 crore.

The Hyderabad residential market, encompassing districts such as Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, witnessed a notable shift towards the sale of higher value homes.

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According to the report, in February 2024, 45 per cent of properties registered were priced in the range of Rs 25 lakh – Rs 50 lakh, while properties below Rs 25 lakhs constituted 14 per cent of the total registrations.

The share of sales registrations for properties priced at Rs 1 crore and above increased to 14 per cent, compared to 10 per cent in February 2023.

Properties ranging from 1,000 to 2,000 sft dominated registrations, accounting for 71 per cent of the total. Demand for smaller homes (below 1,000 sq ft) decreased to 16 per cent in February 2024, while registrations for properties larger than 2,000 sq ft increased to 13 per cent.

Rangareddy and Medchal-Malkajgiri emerged as the leading contributors to registrations in February 2024, according to the Knight Frank report.

The weighted average price of transacted residential properties witnessed a sharp YoY increase of 10 per cent in February 2024. Medchal-Malkajgiri experienced the highest increase at 15 per cent, followed by Rangareddy (5 per cent) and Hyderabad (2 per cent).

Beyond bulk transactions, the report stated that there was a notable trend of homebuyers purchasing plush properties with better facilities and amenities, particularly in markets like Rangareddy and Hyderabad. Some high-value transactions occurred in areas such as Banjara Hills, Somajiguda, and Puppalaguda.