Hyderabad Property Registrations Sharp Increase Of 21% Year-On-Year
As per the latest report from Knight Frank India, 6,938 residential properties were registered in February 2024 registering a sharp increase of 21% Year-on-Year (YoY) and 27% Month- on- Month (MoM). The total value of properties registered during the month stood at INR 4,247 crore (Cr) which was higher by 42% YoY and 29% MoM, indicating a movement towards sale of higher value homes. 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. In February 2024, 45% properties in the price category of INR 25 – 50 lakhs making it the single largest category of property registered in Hyderabad, while properties priced below INR 25 lakhs constituted 14% of the total registration shrinking further in its share. Notably the share of sales registrations for properties costing INR 1 crore and above has increased to 14% in February 2024, as compared with 10% in February 2023. Properties registered in February 2024 were largely concentrated in the range of 1,000 - 2,000 sq 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 February 2024 from 20% in February 2023. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 13% during February 2024 from 10% in February 2023. On a district-level, Rangareddy and Medchal-Malkajgiri emerged as the leading contributors to registrations in February 2024, capturing 43% respectively. Hyderabad district accounted for 13% of the total registrations in February 2024. During February 2024, the weighted average price of transacted residential properties witnessed a sharp YoY increase of 10%. Among the districts, Medchal-Malkajgiri experienced the sharpest increase of 15% YoY while Rangareddy and Hyderabad experienced rises of 5% and 2% YoY respectively.
Tags : Knight Frank India residential properties increase Hyderabad Medchal-Malkajgiri Rangareddy Sangaredd