HYDERABAD: As per the latest report from Knight Frank India, Hyderabad has recorded registrations of as many as 6,185 residential properties in September, observing a rise of 30% year-on-year (YoY). The total value of properties stood at Rs 3,378 crore, showing an increase of 42% YoY, indicating a movement towards sale of more expensive homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
The report stated that the highest proportion of property registrations in Hyderabad was in the price range of Rs 25-50 lakh, accounting for 51% of the total registrations. Properties priced below Rs 25 lakh accounted for 15% of the total registrations. The share of sale registrations for properties with ticket sizes of Rs 1 crore and above was 9% in September 2023, higher as compared to 8% in September 2022.
According to the study, registered properties in September this year were concentrated in the range of 1,000-2,000 sq ft, accounting for 71% of registrations in this category. There was a decrease in demand for homes in the range of 500 to 1,000 sq ft, with registrations for this category falling to 14% in September 2023 from 16% last year. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 11% in September 2023 from 9% in 2022.
At the district level, Medchal-Malkajgiri is consistently on the top of the chart with 45% of home sales registrations, followed by Rangareddy with 41% and Hyderabad accounting for only 14% of the total registrations. The report noted that in addition to bulk transactions, homebuyers also splurged on plush properties, which are bigger in size and offer better amenities. Some of these deals have happened in markets like Hyderabad and Rangareddy wherein properties were sized more than 3,000 sq ft and valued upwards of Rs 5 crore.