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Hyderabad residential market sees 20% dip in registrations
Hyderabad residential market sees 20% dip in registrations
The slump during the month of July was caused by adverse sentiments towards major investment decisions in ‘Ashada Masam’ combined with heightened uncertainty over rising interest rates, reveals a report by Knight Frank India
Hyderabad: Hyderabad recorded registrations of 4,313 units of residential properties in July 2022 which was lower by 20 per cent month on month (MoM). The total value of properties transacted in July 2022 stood at Rs 2,101 crore registering a decline of 26 per cent MoM. The drop was caused by adverse sentiments towards major investment decisions in 'Ashada Masam' combined with heightened uncertainty over rising interest rates, reveals Knight Frank India in its latest assessment.
Since the beginning of the year, the city has seen sales of 40,897 residential units with a total worth of Rs 20,023 crore. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Shishir Baijal, Chairman and MD, Knight Frank India, said: "The Hyderabad residential market, which has been largely resilient during the pandemic, recorded some decline in activities in the month of July 2022 due to a plethora of reasons, ranging from rise in prices to upward revision of home loan rate. Residential registrations and state revenues from registrations have seen a decline in this month."
"Going forward, we do expect some short-term moderation in activities due to the rising home loan rates and an increase in prices in the market, however, the strength of the latent demand in the market is expected to keep the market buoyant in mid to long – term basis, given the overall economic growth and the rise in income levels," he added. Report further reveals that, properties over Rs 50 lakh and above witnessed fewer transactions in the last month contributing to the slowdown. Of all residential sales registered during July 2022, homes in the price band of Rs 25 – 50 lakh constituted 56 per cent, which is an increase from a share of 34 per cent in July 2021.
Demand in the less than Rs 25 lakh ticket-size however weakened with its share constituting 18 per cent compared to 35 per cent a year ago. Homes in the size of 1,000 – 2,000 sft constituted 72 per cent of all sales registered during the period. The trend of homebuyers looking to upgrade and move into larger living quarters, sparked by the pandemic, continued to hold strong in July 2022 as well.
A district level study shows that 41 per cent home sales registrations were in the Medchal-Malkajgiri district followed by Rangareddy district at 38 per cent. The share of Hyderabad district in total registrations was recorded at 16 per cent in July 2022. The weighted average prices of transacted residential properties, as per the registration data, have grown by 9 per cent YoY in July 2022.
Sangareddy district saw the steepest rise of 27 per cent YoY in July 2022 indicating that higher value homes were sold in this location during this period. Price growth in the Hyderabad continued to remain strong across all micro markets.
