In its latest assessment, Knight Frank India reported that Hyderabad has registered homes worth INR 4,288 crore during June 2024 up by 48% year-on-year (YoY) and by 14% month-on-month (MoM), whilst number of registrations stood at 7,014 units up by 26% YoY and 16% MoM. The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.
Since January 2024, Hyderabad has seen registrations of 39,220 residential properties which is higher by 15% YoY when compared to the first six months in 2023. The rise, however, is sharper in the cumulative value of the registered properties in the first six months, which was registered at INR 24,287 crores indicating a YoY hike of 39% against INR 17,490 crores worth properties registered between the months of January – June 2023. This also indicates a rise in the average cost of homes registered in the 2024 which was higher by an average 21% against those registered in first six months of 2023.
In June 2024, properties registered in the less than INR 50 lakhs price category were the largest category of properties registered in Hyderabad, however the share of sales registrations has fallen from 70% in June 2023 to 60% in June 2024. Notably the share of sales registrations for properties costing INR 1 crore and above has increased to 14% in June 2024, as compared with 9% in June 2023. There's a noticeable trend of homebuyers preferring higher-value homes, which is reflected in the increasing registrations of properties for homes priced over INR 1 Cr which has increased sharply by 96% YoY during June 2024.
In June 2024, the majority of registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet (sq ft) comprising of 68% of all registrations. There was a decrease in demand for smaller homes (below 1,000 sq ft) with registrations for this category declining to 18% in June 2024 from 21% in June 2023. Conversely, there was an increase in demand for larger properties exceeding 2,000 square feet, with registrations rising to 14% in June 2024 from 11% in June 2023.
The weighted average price of transacted residential properties witnessed a sharp YoY increase of 10% during June 2024. Among the districts, Medchal-Malkajgiri, experienced the sharpest increase of 11% YoY while, Rangareddy and Hyderabad experienced an increase of 8% and 7% YoY respectively.
Beyond the concentration of bulk transactions, homebuyers also bought plush properties which are bigger in size and offer better amenities. The top five deals for June 2024 have majorly happened in Rangareddy and Hyderabad wherein the properties were sized more than 3,000 sq ft and valued upwards of INR 7.1 crores. Further, four of the top five were in West Hyderabad while the one Jubilee Hills was in Central Hyderabad.
