HYDERABAD: Property registrations in Hyderabad continued their upward trend in February, as per a report released by Knight Frank India on Wednesday. Approximately, 6,938 residential properties were registered last month, indicating a sharp increase of 21% year-on-year (YoY) and 27% month-on-month (MoM). The total value of properties registered during the month stood at Rs 4,247 crore, which was higher by 42% YoY and 29% MoM, suggesting a movement towards the sale of higher-value homes.
The Hyderabad residential market includes four districts — Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy — covering home sales pertinent to the primary and secondary real estate sectors.
In February, 45% of properties in the price category of Rs 25 to Rs 50 lakh made it the single largest category of property registered in Hyderabad, while properties priced below Rs 25 lakh constituted 14% of the total registrations, shrinking further in their share. Notably, the share of sales registrations for properties costing Rs 1 crore and above has increased to 14% in February 2024, compared to 10% during the same period a year ago.
Properties registered last month were largely concentrated in the range of 1,000 to 2,000 sq ft, accounting for 71% of registrations. There was a moderation in demand for smaller homes (below 1,000 sq ft), with registrations for this category falling to 16% during last month, from 20% in February 2023. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 13% during February 2024, from 10% in February 2023.
On a district-level, Rangareddy and Medchal-Malkajgiri emerged as the leading contributors to registrations in February, capturing 43% respectively. Hyderabad district accounted for 13% of the total registrations in February.
Beyond bulk transactions, the report mentioned a notable trend of homebuyers purchasing plush properties with better facilities and amenities, particularly in markets like Ranga Reddy and Hyderabad. Some high-value transactions occurred in areas such as Banjara Hills, Somajiguda, and Puppalaguda.
“Residential demand maintains its robust momentum, characterised by a notable surge in demand for premium homes as evidenced in February, 2024. Prices have consistently risen since the onset of the pandemic, and February has faithfully adhered to this trend, with homebuyers persistently gravitating towards higher-value properties,” said Shishir Baijal, Managing Director, Knight Frank India.