HYDERABAD: Apartment sales in the city witnessed considerable growth in the month of August, registering a 15% year-on-year (YoY) and 17% month-on-month (MoM) increase.According to Knight Frank, a real estate consultancy, the total value of properties registered during the month stood at Rs 3,461 crore, which has also increased by 22% YoY and 20% MoM. The Hyderabad residential market includes four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
The demand in August for properties was largely concentrated in the size range of 1,000 to 2,000 sq ft, in the price bracket of Rs 25 lakh to Rs 50 lakh, accounting for 70% of the registrations. There was also an increase in demand for smaller homes (500 -1,000 sq ft), with registrations for this category rising to 16% in August this year from 15% in August 2022. Properties larger than 2,000 sq ft also saw an increase in demand, with registrations rising to 11% in August 2023 from 9% in August 2022.
According to the study, the Medchal-Malkajgiri district was at the top position with 43% of home sales registrations, followed by the Rangareddy district with 39% while the Hyderabad district accounted for 17% of the total registrations in August.
While a considerable part of the registrations were for small or average-sized properties, homebuyers also splurged on fancy properties, which are bigger in size and offer better facilities and amenities.A few estates over 3,000 sq ft in size and costing around Rs 4 crore were also sold in Hyderabad and Rangareddy districts.
Shishir Baijal, chairman and managing director, Knight Frank-India, said, “The housing market in Hyderabad is on a significant upswing, driven by a rising demand for improved living spaces, particularly in modern complexes equipped with numerous amenities. Additionally, the Reserve Bank of India’s decision to keep interest rates steady since April this year has further boosted buyer confidence.”