Hyderabad sees record registrations
6,311 units registered in December valued at Rs 3,176 crore
Hyderabad: Hyderabad recorded registrations of 6,311 units of residential properties in December 2022, registering a rise of 2.4 per cent month on month (MoM). In its latest assessment, Knight Frank India noted that the total value of the properties registered in December 2022 stood at Rs 3,176 crore.
Since the beginning of the year, the city has recorded registrations of 68,519 residential units with a total worth of Rs 33,605 crores compared to registrations of 83,959 residential units amounting to Rs 37,232 observed in similar period last year. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
According to the Knight Frank India assessment, residential units in the price band of Rs 25 lakh to Rs 50 lakh constituted 54 per cent of the total registrations in December 2022, which was an increase from a share of 36 per cent in December 2021.
The demand in the less than Rs 25 lakhs ticket-size however weakened with its share constituting a mere 17 per cent compared to 40 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 lakhs and above, increased to 29 per cent in December 2022 from 24 per cent in December 2021.
In December 2022, the share of registrations in unit category of properties sized 500 sft to 1,000 sft increased to 20 per cent compared to 18 per cent observed in December 2021 while properties sized 1,000 sft or higher witnessed a dip in share from 73 per cent in December 2021 to 70 per cent in December 2022, Knight Frank India said in its report.
At the district level, the study shows that home sales registrations in the Medchal-Malkajgiri district was recorded at 42 per cent followed by Rangareddy district at 36 per cent. The share of Hyderabad district in total registrations was recorded at 16 per cent in December 2022.
The weighted average prices of transacted residential properties have increased by 16 per cent year-on-year in December 2022. Sangareddy district saw the steepest rise of 30 per cent YoY in December 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 December 2022, the assessment said.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Hyderabad residential market is rather unique as it has time and again demonstrated resilience. Residential sales have grown during the last few years at a significant pace in Hyderabad despite lack of any special concessions (unlike in Mumbai, Pune, Bengaluru or Kolkata) like stamp duty rebates.”
With the city’s economic fundamentals strengthening due to the continuous rise of the IT/IteS sector in the city, the trends are reciprocated by the residential market that has started to see greater demand in the last few years. “A greater influx of working population has significantly propelled residential demand further supported by economic growth, financial stability, and affordable pricing. This demand trend will continue in the forthcoming year as the city’s economic growth is expected to remain on course,” he added.
Samson Arthur, Senior Branch Director, Knight Frank India said, “Hyderabad continued to experience demand backed by its expanding socioeconomic environment, state-of-the-art infrastructure, and business-friendly governance despite the impact of rising interest rates and worries of inflation. The rise in sales of high-value home through the year clearly illustrates the city’s positive outlook.”
