Hyderabad real estate sees year-end decline in home sales

December 2024 witnessed a 20 per cent drop in home sales registrations, contrasting with a robust 7 per cent year-on-year increase for the year

Hyderabad: Year 2024 closed on a sedate note for Hyderabad real estate, with home sales registrations in the month of December dropping by 20 per cent compared to December 2023.

Even in terms of the value of homes registered, December 2024 transactions registered a 14 per cent year-on-year decline.

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According to the latest assessment released by Knight Frank India, a total of 5,805 properties were registered in December 2024, which was a decline of 20 per cent compared to December 2023 when 7,254 properties were registered.

The value of homes registered in December 2024 stood at Rs. 3,590 crore, a 14 per cent YoY decline from December 2023, when the registration value stood at Rs. 4,191 crore.

However, the Knight Frank India assessment pointed out that in terms of home sales registrations, Hyderabad registered a 7 per cent year-on-year rise for 2024, with total transaction value recording a sharp 23 per cent YoY increase.

The Hyderabad residential market covered for the assessment included four districts—Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy—and included transactions from both the primary and secondary real estate markets.

During the year, properties priced under Rs.50 lakhs accounted for the majority of the registrations, though a clear trend of premiumisation emerged with homes priced at Rs.1 crore and above increasing in share of total registrations from 10 per cent in 2023 to 14 per cent in 2024.

Also last year, majority of the registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 sft, accounting for 69 per cent of all registrations.

At the district level, Medchal-Malkajgiri accounted for 42 per cent of property registrations, closely followed by Rangareddy at 41 per cent while Hyderabad district contributed 17 per cent of total registrations.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “A notable shift in buyer preferences has emerged; properties priced below Rs.50 lakh now account for 60 per cent of registrations, down from 68 per cent in 2023. Meanwhile, the share of properties valued above Rs. 50 lakh has climbed to 40 per cent, up from 32 per cent last year.”