Hyderabad sees registrations of residential properties worth Rs. 3,170 cr in October
The YoY increase indicates a movement towards sale of higher value homes in the Hyderabad residential market which includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddyand Sangareddy.
Hyderabad: Hyderabad has witnessed a 25% year-on-year (YoY) rise in registration of residential properties, with 5,787 registrations being recorded in October, 2023, a report by Knight Frank India said.
The total value of the properties registered during the month stood at Rs. 3,170 crore, which has also increased by 41% as compared to the same month last year. The YoY increase indicates a movement towards sale of higher value homes in the Hyderabad residential market which includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
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In October 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs. 25 – 50 lakh, accounting for 50% of the total registrations. Properties priced below Rs. 25 lakh constituted 16% of the total registration which has fallen from the 22% share recorded during October 2022. The share of sales registrations for properties with ticket-sizes of Rs. 1 crore and above was 10% in October 2023, higher as compared with 8% in October 2022.
The Knight Frank report states that registered properties in October 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 69% of registrations. There was a moderation in demand for smaller homes (500-1,000 sq ft), with registrations for this category falling to 16% during October 2023 from 21% in October 2022. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 12% during October 2023 from 10% in October 2022, the report added.
According to the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 43% of home sales registrations, while Rangareddy district closely follows with 42% of sales registrations. In contrast, Hyderabad district accounted for 14% of the total registrations in October 2023.
As per the reports, during October 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 6.8%. Among the districts, Hyderabad, Medchal-Malkajgiri and Rangareddy all experienced a 6% increase in property prices respectively.
Residential sales in Hyderabad during October 2023 were mainly within properties sized 1,000-2,000 sq ft whereas the price range of Rs. 25 – 50 lakh, accounted for the highest registrations. However, beyond the concentration of bulk transactions home buyers also bought plush properties, which are bigger in size and which offer better facilities and amenities. Some of these deals have happened in markets like Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs. 4.5 crores, the study suggests.
