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Hyderabad scales new heights with highest residential sales in 2023
In 2023, Hyderabad’s real estate market experienced an unprecedented boom in residential sales, reaching an all-time high, as per the latest Knight Frank India report
Hyderabad: In 2023, Hyderabad’s real estate market experienced an unprecedented boom in residential sales, reaching an all-time high, as per the latest Knight Frank India report. The report, “India Real Estate – Residential and Office Market,” revealed a remarkable 6%
year-on-year surge, propelling annual residential sales to a historic 32,880 units.
This surge was attributed to a noticeable shift in homebuyer priorities, focusing more on lifestyle upgrades and seeking amenity-rich communities for their ideal living spaces. One of the driving factors behind this record-breaking surge was the significant increase in residential launches, soaring by 7% year-on-year to 46,985 units in 2023. Notably, 43% of these launches were high-value homes, priced above Rs 10 million, reflecting a growing demand for opulence and luxury in residential choices.
This demand consequently led to an 11% growth in the average residential price of the city, reaching Rs 5,550 per square foot. The report highlighted remarkable rental appreciation in several key micro markets, particularly in the West and South regions of the city, indicating a rising interest in these areas.
Furthermore, the outskirts of the city observed increased attention and growth in property values. Areas like Kokapet saw a staggering 39% increase in the price range of Rs 10,045 to 12,500 per square foot over 12 months, followed by Manikonda with a 28% surge and Rajendra Nagar with a 20% incr ease. The report also outlined a notable shift in homebuyer preferences regarding price categories.
The proportion of affordable residential sales (homes below Rs 5 million) decreased from 26% in 2018 to 11% in 2023. Similarly, the mid-value segment (homes priced between Rs 5 million to 10 million) witnessed a decline from 52% in 2018 to 40% in 2023.
