Hyderabad Saw Highest Monthly Homes Sales In 2023
As per the latest report from Knight Frank India, Hyderabad recorded registrations of 6,268 residential properties in November 2023, recording a rise of 2% year-on-year (YoY) and 8% month-on-month (MoM). The total value of properties registered during the month stood at INR 3,741 crore (Cr) which is higher by 29% YoY and 18% MoM indicating a movement towards sale of higher value homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. In November 2023, the highest proportion of property registrations in Hyderabad was in the price range of INR 25 – 50 lakhs, accounting for 48% of the total registrations. Properties priced below INR 25 lakhs constituted 13% of the total registration which has fallen from the 23% share recorded during November 2022. The share of sales registrations for properties with ticket-sizes of INR 1 crore and above was 13% in November 2023, higher as compared with 7% in November 2022. Properties registered in November 2023 were largely 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 (below 1,000 sq ft), with registrations for this category falling to 15% during November 2023 from 25% in November 2022. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 14% during November 2023 from 11% in November 2022. As per the district-level study conducted in November 2023, Medchal-Malkajgiri and Rangareddy emerged as the primary contributors, each comprising 43% of the total registrations. Hyderabad district accounted for 14% of the total registrations in November 2023, identical to its share in the previous period. During November 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 13.8%. Among the districts, Rangareddy experienced the sharpest increase at 17% while Hyderabad and Medchal-Malkajgiri both experienced a 8% increase in property prices respectively. Residential sales in Hyderabad during November 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 which 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. In context to demand analysis, probing into the launch trends within the Hyderabad real estate market is crucial. Keeping homebuyers’ preference in mind, there is a notable bias in development activity towards 3BHKs, closely trailed by 2BHK units. Hyderabad developers have evidently placed a preference on introducing 3BHK units, showcasing a distinct predilection for more expansive residences. This strategic emphasis aligns seamlessly with the evolving tastes of homebuyers, who increasingly seek larger living spaces to accommodate growing families. Noteworthy is the discernible inclination of developers in 2023 towards launching larger-sized units, particularly in the 4BHK category, with a notable increase from 5% in 2022 to 9% in 2023 (YTD).
Tags : residential properties Hyderabad real estate market Medchal-Malkajgiri