Hyderabad records 25% YoY growth in property registrations for October 2023: Report

Hyderabad: According to the latest report by Knight Frank India Hyderabad recorded 5,787 residential properties in October 2023, witnessing a 25% year-on-year (YoY) rise. The total value of the property registered during the month was the same 3,170 crore (Cr) which also increased by 41% YoY indicating a move towards selling higher value homes. Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.

In October 2023, Hyderabad had the highest percentage of property registrations in the price range of 25 – 50 lakh, which is 50% of the total registrations. Properties priced below 25 lakh accounted for 16% of the total registrations, which fell from the 22% share recorded in October 2022. The share of sales registrations for properties with ticket sizes of 1 crore and above was 10% in October 2023, higher compared to 8% in October 2022.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “There is a significant rise in demand in the Hyderabad housing market at present. This demand is focused on a desire for improved residential environments with apartment complexes that offer a wide range of amenities. In addition, the Reserve Bank of India’s (RBI) decision to keep interest rates stable from April 2023 has boosted the confidence of home buyers. This optimistic attitude in the market is clearly visible in the increasing number of property developments. The developers are nimbly adapting to meet the changing needs of their discerning clients.”

Properties registered in October 2023 were concentrated in the 1,000-2,000 square foot range, with this size category accounting for 69% of registrations. Demand for small houses (500 -1,000 sq ft) moderated, with registrations for this category falling to 16% in October 2023 from 21% in October 2022. However, demand for properties increased more than 2,000 square feet, ie and registrations increased to 12% during October 2023 from 10% in October 2022.

According to the study conducted at the district level, Medchal-Malkajgiri consistently holds the highest position with 43% of home sales registrations, followed closely by Rangareddy district with 42% of sales registrations. In contrast, Hyderabad district accounted for 14% of total registrations in October 2023.

During October 2023, the weighted average prices of residential properties transacted increased by 6.8%. Among the districts, property prices increased by 6% in Hyderabad, Medchal-Malkajgiri, and Rangareddy respectively.

The residential sales in Hyderabad during October 2023 were within properties measuring mainly 1,000-2,000 sq.ft and price range 25 – 50 lakh, led to the highest registrations. However, beyond the concentration of bulk transactions, homebuyers have purchased plus properties, which are larger and offer better facilities and amenities. Some of these deals have taken place in markets like Hyderabad and Rangareddy where the properties were larger than 3,000 sq ft and valued at more than 3,000 sq ft. 4.5 crores.

In the context of the demand analysis, it is worth mentioning to examine the shipping trends in the Hyderabad real estate market. In line with the home buyer’s preferences in the market, the development activity is heavily skewed towards 3 BHK and 2 BHK units after suit. Developers in Hyderabad have particularly prioritized the introduction of 3BHK units, indicating a clear trend towards larger residences. This strategic focus appears to be in line with the changing preferences of home buyers who are looking for more spacious living spaces, likely to accommodate growing families, while also catering to those with smaller families. of them or those who prioritize affordability opt for 2BHK units.

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Updated: 14 November 2023, 02:08 PM IST

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