In its latest assessment, Knight Frank India noted that Hyderabad recorded registrations of 5,877 of residential properties in May 2023, up 31% month-on-month (MoM) while the total value of properties registered during the month stood at INR 2,994 crore (Cr)which was also up by 31% MoM. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
In its latest assessment, Knight Frank India noted that Hyderabad recorded registrations of 5,877 of residential properties in May 2023, up 31% month-on-month (MoM) while the total value of properties registered during the month stood at INR 2,994 crore (Cr)which was also up by 31% MoM. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
In May 2023, the share of registrations in the category of properties sized between 500 – 1,000 square feet (sq ft) stood at 16%, which is slightly lower than the 17% recorded during May 2022. However, there was a moderate increase in the share of registrations of properties sized 2,000-3,000 sq ft from 7% during May 2022 to 8% in May 2023. The share of properties sized 1,000-2,000 sq ft remained the highest with a total share of 70% during May 2023.
At a district level, the study shows Medchal-Malkajgiri district recorded 45% of the home sales registrations followed by sales registrations at Rangareddy district at 39%. The share of Hyderabad district in total registrations was 16% during May 2023.
During May 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 3%. Among the districts, Hyderabad recorded the highest price rise at 8% YoY, suggesting a larger volume of higher value homes sold in that area during the period. Additionally, the Medchal-Malkajgiri market also experienced a price growth of 4% in May 2023.
Residential sales in Hyderabad during May 2023 were mainly within properties sized 1,000-2,000 sq ft whilst 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, Medchal-Malkajgiri, Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of INR 4 crores.
Samson Arthur, Senior Branch Director, Knight Frank India said, “The Hyderabad residential market remains sanguine reflecting the strong appetite of home buyers considering most of the demand has come for homes ranging within 1,000-2,000 sq ft. Pause by the RBI with respect to increase in the interest rates has also buoyed the sentiments of home buyers to undertake home buying in high value homes with more space and amenities.”
