HYDERABAD: The booming real estate market in Hyderabad was jolted in the financial year 2023-24 with property registrations witnessing a sharp drop for the month of April. Last month, Hyderabad recorded registrations of 4,398 units of residential properties worth Rs 2,230 crore.
When compared to April 2021 and 2022, these registrations are the lowest as these years had 5,903 and 5,366 registrations, respectively, as per the data given by Knight Frank, an international real estate agency. When property registrations of the last 16 months i.e., between January 2022 and April 2023 were analysed, the registrations during April 2023 were the lowest. In March, Hyderabad had as many as 6,959 property registrations.
In a span of one month, registrations dropped by 2,561 units across the city with a -37 per cent month-over-month change. The Hyderabad residential market includes the city of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy regions. At a district level, the analysis indicated that home sales registrations in the Medchal-Malkajgiri district were recorded at 47 per cent followed by Rangareddy district at 38 per cent.
Realtors attributed the fall in property registrations to the high prices involved in purchasing the flats. “Buyers are being excited by pre-launch offers as some of the developers are luring them by quoting lesser prices. This is denting property sales in the city. Moreover, the development is more towards the western side of Hyderabad and real estate in the remaining sides of the city has remained dull,” said N Praveen Kumar, president, of Telangana Realtors Association.
The cumulative share of sales and registrations for properties with ticket sizes of Rs 1 crore and above have increased to 13 per cent during April 2023 from 11 per cent during April 2022.