Hyderabad’s real estate market soars: Rs 4,000 crore worth of homes sold in March
The registrations were predominantly for apartments in the size range of 1,000 to 2,000 square feet, constituting 70 per cent of all registrations.
Hyderabad: Hyderabad witnessed a significant surge in high-value home registrations in March, with properties worth over Rs 4,000 crore sold during the month, according to Knight Frank India. A total of 6,416 residential properties were registered in March, marking a 12 per cent increase in value compared to the same period last year. The majority of registered homes, about 70 per cent, were in the size range of 1,000 to 2,000 square feet, while 16 per cent of properties were priced above Rs 1 crore.
According to the report, in terms of price categories, properties in the range of Rs 25 lakh to 50 lakh accounted for 45 per cent of all registrations, making it the most common price bracket. However, the share of properties priced below Rs 25 lakh declined to 14 per cent of total registrations. On the other hand, properties priced at Rs 1 crore and above saw a significant increase in registration share, rising from 10 per cent in March 2023 to 16 per cent in March 2024.
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The registrations were predominantly for apartments in the size range of 1,000 to 2,000 square feet, constituting 70 per cent of all registrations. Demand for smaller homes below 1,000 square feet decreased to 16 per cent in March 2024, while larger properties above 2,000 square feet saw an increase in demand, accounting for 15 per cent of registrations.
Rangareddy district emerged as the leader in registrations, capturing 46 per cent of the market in March 2024, up from 34% per cent in March 2023. Medchal-Malkajgiri and Hyderabad districts accounted for 40 per cent and 14 per cent of registrations, respectively, during the same period.
The weighted average price of transacted residential properties in March 2024 saw a sharp year-on-year increase of 12 per cent. Among the districts, Medchal-Malkajgiri experienced the highest rise of 13 per cent in prices compared to the previous year.
The top five transactions in March 2024 were all in Rangareddy district, involving properties sized more than 3,000 square feet and valued at over Rs 5.3 crores.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “The residential market in Hyderabad continues to show robust demand, particularly for high-end homes. Since the pandemic began, prices have been on a steady upward trajectory, a trend that continued through March, with homebuyers consistently favouring properties of higher value that offer more space and amenities. In response to these market shifts, developers are showing agility and adaptability, aligning their offerings with the changing tastes and preferences of discerning buyers.”
The first quarter of 2024 also witnessed a notable trend towards 2-bedroom and 3-bedroom units in apartment launches, reflecting changing consumer demand and developer strategies.
TABLE: TICKET SIZE SHARE OF REGISTRATIONS
March 2024:
– <25 Lakh: 14% – 25-50 Lakh: 45% – 50-75 Lakh: 16% – 75 lakh-1 Crore: 10% – 1 Crore-2 Crore: 13% – >2 Crore: 3%
– Source: Knight Frank Research, Telangana Registration and Stamps Department
TABLE: TOP 5 TRANSACTIONS OF THE MONTH
– Rangareddy District:
– Location: Kondapur
– Area Range (Sq ft): >3,000
– Market Value (INR): 7,30,88,400
– Rangareddy District:
– Location: Kondapur
– Area Range (Sq ft): >3,000
– Market Value (INR): 6,30,56,400
– Rangareddy District:
– Location: Kondapur
– Area Range (Sq ft): >3,000
– Market Value (INR): 6,30,56,400
– Rangareddy District:
– Location: Kokapet
– Area Range (Sq ft): >3,000
– Market Value (INR): 5,86,64,000
– Rangareddy District:
– Location: Kondapur
– Area Range (Sq ft): >3,000
– Market Value (INR): 5,32,88,400
– Source: Knight Frank Research, Telangana Registration and Stamps Department
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