HYDERABAD : Compared to the previous year, the value of registered homes in Hyderabad increased by 48% year-on-year (YoY) to Rs 4,288 crore, and by 14% month-on-month (MoM) in June 2024, according to Knight Frank India’s latest report. Additionally, the number of registered units rose by 26% YoY and 16% MoM, reaching 7,014 units.
In the first six months, the city saw a 15% YoY increase in residential property registrations, reaching a total of 39,220 units compared to the same period in 2023. The report also said that there was an increase in the average cost of homes registered in 2024, with an average increase of 21% compared to first six months of 2023.
In June 2024, the city saw a shift in property registrations, with properties priced below Rs 50 lakh continuing to dominate, but their share declined from 70% in June 2023 to 60% in June 2024.
Conversely, the proportion of sales registrations for properties valued at Rs 1 crore and above has witnessed an increase, rising from 9% in June 2023 to 14% in June 2024. This reflects a growing preference among homebuyers for higher-value properties, as evidenced by the sharp 96% YoY increase in registrations of properties priced over Rs 1 crore in June this year.
Preference for bigger homes
In June 2024, the majority of registered properties, representing 68% of the total, fell within the range of 1,000-2,000 sq ft. However, there was a notable decrease in demand for smaller homes below 1,000 sq ft, with registrations declining from 21% in June 2023 to 18% in June 2024.Conversely, larger properties exceeding 2,000 sq ft experienced an uptick in demand, as registrations rose from 11% in June 2023 to 14% in June 2024.
At the district level, Rangareddy stood out as the leading contributor to registrations with 43% of the market share in June 2024. This represented a substantial increase from the 38% share recorded in June 2023. Medchal-Malkajgiri and Hyderabad district accounted for 41% and 16%, respectively, of the total registrations.
In terms of pricing, the weighted average price of transacted residential properties witnessed a notable YoY increase of 10% during June 2024. Among the districts, Medchal-Malkajgiri experienced the most significant price hike, with an 11% YoY increase. Rangareddy and Hyderabad also experienced healthy increases of 8% and 7% YoY, respectively.