HYDERABAD: Home sales in Hyderabad fell by three per cent in February, 2023 compared to the same period last year while registration revenue collections decreased by one per cent year-on-year (YoY) over the same time period.
The city witnessed registrations of 5,274 residential property units in February this year while the total value of properties registered in the month stood at Rs 2,816 crore. The Hyderabad residential market includes four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Registrations in residential units in the price band of Rs 25 lakh to Rs 50 lakh remained highest, constituting 51 per cent of the total registrations in February. The share of demand in the less than Rs 25 lakh ticket size stood at 18 per cent in February, in line compared to the same period last year.
Demand for larger homes
Greater demand for larger ticket-size homes remained evident as the cumulative share of sales registrations for properties with ticket sizes of Rs 1 crore and above increased to 10 per cent in February 2023 from eight per cent in February 2022.
During last month, the share of registrations in properties sized 500 to 1,000 sqft increased to 18 per cent compared to 14 per cent observed in February 2022. While the share of properties sized 1,000-2,000 sqft remained highest with a total share of 68 per cent in February 2023, it was lower than the 73 per cent witnessed in February 2022.
Samson Arthur, Senior Branch Director, Knight Frank India said: “Hyderabad’s residential market continues to be driven by its diversified workforce and changing socioeconomic environment despite the rising interest rates. The stability in registrations in the Rs 25 lakh to Rs 50 lakh category and the increase in high-value property registrations over the previous year is a clear indicator of the city’s upbeat outlook.