Hyderabad Records 30% YoY Growth In Property Registrations
As per the latest report from Knight Frank India Hyderabad has recorded registrations of 6,185 residential properties in September 2023, observing a rise of 30% year-on-year (YoY). The total value of properties registered during the month stood at INR 3,378 crore (Cr) which too has increased by 42% YoY indicating a movement towards sale of more expensive homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. In September 2023, the highest proportion of property registrations in Hyderabad was in the price range of INR 25 – 50 lakhs, accounting for 51% of the total registrations. Properties priced below INR 25 lakhs constituted 15% of the total registration. The share of sales registrations for properties with ticket-sizes of INR 1 crore and above was 9% in September 2023, higher as compared with 8% in September 2022. Registered properties in September 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 71% of registrations. There was a moderation in demand for smaller homes (500 -1,000 sq ft), with registrations for this category falling to 14% during September 2023 from 16% in September 2022. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 11% during September 2023 from 9% in September 2022. During August 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 6.4%. Among the districts, Hyderabad saw the sharpest price increase, at 14% YoY followed by Medchal-Malkajgiri and Rangareddy at 5% and 3% respectively. Residential sales in Hyderabad during September 2023 were mainly within properties sized 1,000-2,000 sq ft whereas the price range of INR 25 – 50 lakhs, accounted for the highest registrations. However, beyond the concentration of bulk transactions homebuyers also bought plush properties, which are bigger in size and offer better facilities and amenities. Some of these deals have happened in markets like Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of INR 5 crores.
Tags : Knight Frank residential properties Medchal-Malkajgiri Rangareddy homebuyers