Hyderabad witnesses residential sales valued at Rs 3,741 crore in November

Notably, a considerable 71 per cent of the registered homes fell within the size range of 1,000 to 2,000 sft.

Hyderabad: Hyderabad in the month of November registered a surge in residential property sales, marking a leap in both volume and value.

According to the latest report by Knight Frank India, the city witnessed a registration of 6,268 residential properties, amounting to a staggering worth of Rs 3,741 crore. This showcase a significant uptick, illustrating a 2 per cent year-on-year (YoY) rise and an 8 per cent month-on-month (MoM) increase.

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The surge in registrations represents a progress in purchasing trends, as highlighted by the report’s findings. Notably, a considerable 71 per cent of the registered homes fell within the size range of 1,000 to 2,000 sft. This shift reflects a growing preference for moderately spacious living spaces among buyers.

A key revelation from the report indicates a substantial spike in property prices during November 2023, with a weighted average increase of 13.8 per cent year-on-year.

The breakdown of property registrations by price range depicts a significant transformation in buyer preferences. Homes priced between Rs 25 to 50 lakhs accounted for 48 per cent of total registrations, followed by 13 per cent for properties below Rs 25 lakhs. Interestingly, properties valued at Rs 1 crore and above saw a significant uptick, constituting 13 per cent of registrations, an increase from 7 per cent in November 2022.

Smaller homes, below 1,000 sft, experienced a decrease in registrations from 25 per cent in November 2022 to 15 per cent in November 2023. Contrarily, larger properties exceeding 2,000 sft saw an increase in demand, accounting for 14 per cent of registrations in November 2023 compared to 11 per cent in the same period last year.

Medchal-Malkajgiri and Rangareddy emerged as primary contributors, each comprising 43 per cent of total registrations in November 2023. Hyderabad district maintained a consistent share of 14 per cent in total registrations. The top transactions of the month portray an interesting trend of plush property acquisitions in markets like Banjara Hills and Begumpet.

Shishir Baijal, Chairman and Managing Director, Knight Frank India noted a surge in developers’ responsiveness to evolving uyer preferences, leading to a noticeable increase in property developments and heightened buyer confidence.

Ticket size share of registrations

Ticket size (Rs)  November 2022 November 2023

> 25 lakh                  23%                            13%

25-50 lakh               50%                           48%

50-75 lakh               14%                            17%

75 lakh-1 crore        6%                              9%

1 crore – 2 crore       6%                             10%

> 2 crore                   1%                              3%

(Source: Knight Frank India, Telangana Registration and Stamps Department)