Hyderabad’s real estate market booms: Property registrations reach Rs 2,898 cr in June

The number of residential property registrations in the city experienced 3 per cent year-on-year increase this June

Hyderabad: The number of residential property registrations in the city experienced 3 per cent year-on-year increase this June.

A report by Knight Frank India, reveals that Hyderabad’s charm continues to captivate homebuyers with the total value of properties registered during the month reaching Rs 2,898 crore, reflecting a 2 per cent year-on-year rise.

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The rising popularity of Hyderabad’s real estate market extends to four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. In these districts, a wide array of properties ranging from affordable homes to lavish apartments are finding eager buyers.

The demand for homes priced between Rs 25 lakh to Rs 50 lakh has seen a significant upsurge, accounting for a whopping 52 per cent of the total registrations in June 2023. Additionally, properties priced below Rs 25 lakhs constituted 18 per cent of the registrations.

Interestingly, high-value properties worth Rs 1 crore and above maintained a stable share of 9 per cent, both in June 2023 and the previous year.

When it comes to the size of properties, homes ranging from 1,000 to 2,000 square feet dominated the market, capturing a substantial 68 per cent share of registrations in June 2023.

Registrations for properties between 500 and 1,000 sq ft remained consistent at 17 per cent, while properties larger than 2,000 sq ft maintained an 11 per cent share, Knight Frank report said.

Medchal-Malkajgiri district emerged as the most sought-after location, accounting for 46 per cent of the total home sales registrations followed by Rangareddy with 38 per cent registrations. The Hyderabad district accounted for 16 per cent of the total registrations in June 2023.

Samson Arthur, Senior Branch Director at Knight Frank India, said, “The Hyderabad residential market remains vibrant, with the majority of homebuyers seeking properties sized between 1,000 and 2,000 square feet.”