Hyderabad’s residential property market surges; over 26,000 homes registered
According to a report released by Knight Frank India, the first four months of 2024 registered a 92 per cent year-on-year growth in this range compared to same period last year.
Hyderabad: The city’s residential property market is increasingly driven by higher-value homes, especially those priced at Rs 1 crore and above. In fact, according to a report released by Knight Frank India, the first four months of 2024 registered a 92 per cent year-on-year growth in this range compared to same period last year.
At the same time, mid-segment homes, costing between Rs 50 lakhs and Rs 1 crore, also saw a 47 per cent Y-o-Y rise.
Knight Frank India in its report said the first four months of the year saw 26,027 properties registered with a total value of Rs 16,190 crores, a 15 per cent increase in the number of registrations and a 40 per cent rise in total value Y-o-Y.
“Since the pandemic, prices have risen steadily, with homebuyers showing a clear preference for higher-value properties,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
April 2024 highlight:
In April 2024 alone, residential property registrations reached 6,578 units, marking a 46 per cent increase Y-o-Y with the value of these properties totalling Rs 4,260 crores, an 86 per cent rise from April 2023. Most registered properties were in the 1,000 to 2,000 sft range, comprising 70 per cent of all registrations.
An analysis of launches during the first four months of 2024 shows developers prefer constructing 2-BHK and 3-BHK units. The launch of 2-BHK apartments increased from 27% to 31%, while 3-BHK launches rose from 56% to 59%, the report said.
