Hyderabad’s residential property market spikes by 40% in Jan-April 2024

Furthermore, the value of homes priced above Rs 1 crore escalated by 135% YoY according to a YTD assessment.
Image used for representational purposes only
Image used for representational purposes only

HYDERABAD: Hyderabad saw 26,027 property registrations in the first four months of 2024, with a total value of Rs 16,190 crore. This represents a 15% year-on-year (YoY) increase in the number of registrations and a 40% YoY increase in the total value compared to the same period last year, as per the latest assessment from Knight Frank India.

The surge in 2024 registrations has been driven by higher-value homes, especially those priced at Rs 1 crore and above, which saw a 92% YoY increase. Mid-segment homes, costing between Rs 50 lakh and Rs 1 crore, also saw a 47% YoY rise.

Overall, the value of registered homes in all categories has increased, indicating a shift towards more expensive properties. For April 2024, the total residential property registrations reached 6,578 units, marking a 46% YoY increase, with the value of these properties recorded at Rs 4,260 crore, showing a significant 86% YoY rise.

The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.

In Hyderabad, there’s a noticeable trend towards higher-value homes, reflecting in the increasing registrations of properties priced above Rs 50 lakh. Upon examination, homes valued below Rs 50 lakh experienced a 4% YoY decline in registrations. However, registrations for homes priced over Rs 1 crore surged by 92%, although from a comparatively lower base.

Notably, in the category of homes priced at Rs 50 lakh and below, which saw a 4% YoY decline in registrations on a year-to-date (YTD) assessment, there was a 17% YoY increase in value during the same period. This suggests that even within the affordable housing category, there’s a preference for more expensive properties. Furthermore, the value of homes priced above Rs 1 crore escalated by 135% YoY according to a YTD assessment.

In April 2024, the majority of registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 sq.ft for apartments, comprising 70% of all registrations. There was a decrease in demand for smaller homes (below 1,000 sq.ft), with registrations for this category declining to 16% in April 2024 from 20% in April 2023.

Conversely, there was an increase in demand for larger properties exceeding 2,000 sq.ft, with registrations rising to 15% in April 2024 from 10% in April 2023. At a district-level, Rangareddy emerged as the leading contributor to registrations in April 2024, capturing 45% of the market, a sharp increase as compared with the 39% recorded in April 2023. Medchal-Malkajgiri and Hyderabad district accounted for 39% and 16% respectively of the total registrations.

15% YoY increase recorded in 2024

With a total value of Rs 16,190 crore, a significant 15% year-on-year (YoY) increase has been recorded in the number of registrations and a 40% YoY increase in the total value compared to the same period last year

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