Residential property registrations in Hyderabad decline marginally in January
The total value of properties registered during the month stood at Rs. 3,279 crore, which is higher by 24% YoY, indicating a movement towards sale of higher value homes.
Hyderabad: As per the latest Knight Frank India report, registrations of residential properties in Hyderabad in the month of January, witnessed a marginal 1% Year-on-Year (YoY) decline.
The total value of properties registered during the month stood at Rs. 3,279 crore, which is higher by 24% YoY, indicating a movement towards sale of higher value homes.
In January 2024, 47% properties in the price range of Rs. 25 – 50 lakh were the single largest category of property registrations in Hyderabad, while properties priced below Rs. 25 lakh constituted 15% of the total registration shrinking further in its share. Notably the share of sales registrations for properties costing Rs. 1 crore and above has increased significantly to 14% in January 2024, as compared to the 8% in January 2023.
According to the report, properties registered in January 2024 were largely concentrated in the range of 1,000-2,000sq ft, accounting for 71% of registrations. There was a moderation in demand for smaller homes (below 1,000 sq ft), with registrations for this category falling to 16% during January 2024 from 19% in January 2023. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 13% during January 2024from 9% in January 2023.
On a district-level, for the first time, Rangareddy emerged as the leading contributor to registrations in January 2024, capturing 43% of the total. Medchal-Malkajgiri, the former leader, came in second with 42%. Hyderabad district accounted for 15% of the total registrations in January 2024.
During January 2024, the weighted average prices of transacted residential properties witnessed a sharp YoY increase of14%. Among the districts,Rangareddyexperienced the sharpest increase of 12% YoY while Hyderabad and Medchal-Malkajgiriexperienced rises of 11% and 5% YoY respectively.
Beyond the concentration of bulk transactions homebuyers also bought plush properties, which are bigger in size, and which offer better facilities and amenities. Some of these deals have happened in markets like Rangareddy and Hyderabad wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs. 4.2 crores. Banjara hills and Somajiguda in Central Hyderabad and Puppalaguda and Narsingi in the West experienced the sale of high value homes, the report suggests.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy and covers home sales pertinent to the primary and secondary real estate markets.
