Hyderabad witnesses Rs 2,695-crore worth of residential properties transacted in Jan 2022
Hyderabad: Hyderabad witnessed Rs 2,695-crore worth of residential properties transacted in the residential market consisting of four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The city has recorded new home registrations of 5,568 units in January 2022. Knight Frank India data shows, the third wave of the pandemic resulted in a drop of 27 per […]
Hyderabad: Hyderabad witnessed Rs 2,695-crore worth of residential properties transacted in the residential market consisting of four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The city has recorded new home registrations of 5,568 units in January 2022.
Knight Frank India data shows, the third wave of the pandemic resulted in a drop of 27 per cent year-on-year (Y-o-Y) over January 2021 in the home registrations in Hyderabad. Regular market operations such as site visits and registration of documents were adversely affected due to mobility restrictions during the month. Almost 71 per cent of all homes registered in the month of January were below Rs 50 lakhs.
Hyderabad was the best performing residential market in terms of primary sales, among the top eight (markets) in India during 2021. However, the drop in the registration activity caused by the mobility restrictions due to the third wave of Covid-19 in January this year have impacted sales across many markets in India, including Hyderabad.
“We expect that sales registration volumes in the market should regain lost ground once normal market operations resume, given that other market indicators such as prices continue to see steady growth despite the impact of the pandemic”, said Shishir Baijal, CMD, Knight Frank India.
Below Rs 50 lakh properties
Compared to 75 per cent in January 2021, about 71 per cent of residential sales registered during January 2022 have occurred for less than Rs 50 lakh ticket-size. This is traditionally the segment that constitutes the highest sales registrations in Hyderabad.
Within the segment, demand for less than Rs 25 lakh ticket-size remains a little low, as seen in 2021. Sales registrations for all other ticket-size segments remain stable in Y-o-Y terms in January 2022.
Demand for units over 1,000 sq ft
The mid and high ticket-size segments saw stability in their market shares while significant growth was noticed in the sales of all unit sizes measuring over 1,000 sq ft for Hyderabad in Y-o-Y terms in January 2022. The homebuyer trend of looking to upgrade and moving into larger living quarters also continued to hold strong during January 2022.
Highest registrations in Rangareddy
Sales in Rangareddy district dropped only by seven per cent compared to the total sales drop by 27 per cent Y-o-Y during January 2022 for all four districts. In terms of total sales, the district accounted for 48 per cent of the residential units registered during the month, compared to 38 per cent in 2021.
Resilience in residential price
During the pandemic lows of 2020, prices remained resilient in Hyderabad, growing steadily in 2021. The weighted average transacted price of residential properties, as reflected by the registration data, has grown by 7.8 per cent Y-o-Y in January 2022, and have grown the most in the Medchal-Malkajgiri district by 8.7 per cent in during the period.
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