Hyderabad registers 5,557 residential properties in July

Hyderabad: In its latest assessment, Knight Frank India noted that Hyderabad recorded registrations of 5,557 residential properties in July 2023, noting a rise of 26 per cent year-on-year (YoY) while the total value of properties registered during the month stood at Rs 2,878 crore which has also increased by 35 per cent YoY. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. In July 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 to Rs 50 lakh, accounting for 52 per cent of the total registrations. Properties priced below Rs 25 lakh constituted 18 per cent of the total registration.

The share of sales registrations for properties with ticket-sizes of Rs 1 crore and above was 9 per cent in July 2023, slightly higher as compared to July 2022. The demand for properties in July 2023 was largely concentrated in the 1,000-2,000 square feet range, with this size category accounting for 67 per cent of registrations. There was also an increase in demand for smaller homes (500-1,000 square feet), with registrations for this category rising to 18 per cent during July 2023 from 17 per cent in July 2022.

Properties larger than 2,000 square feet also saw an increase in demand, with registrations rising to 11 per cent in July 2023 from 9 per cent in July 2022. At a district level, the study shows Medchal-Malkajgiri district recorded 46 per cent of the home sales registrations followed by sales registrations at Rangareddy district at 37 per cent. The share of Hyderabad district in total registrations was 17 per cent in July 2023. During July 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 4.5 per cent. Among the districts, Medchal-Malkajgiri district saw the biggest price increase at 5 per cent YoY. Rangareddy and Hyderabad districts also saw price increases of 4 per cent and 2 per cent respectively.

Residential sales in Hyderabad during July 2023 were mainly within properties sized 1,000-2,000 sq ft whereas the price range of Rs 25 to 50 lakh, accounted for the highest registrations. However, beyond the concentration of bulk transactions, homebuyers also bought plush properties, which are bigger in size and offer better facilities and amenities. Some of these deals have happened in markets like Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs 5 crore. Samson Arthur, Senior Branch Director, Knight Frank India said, “The residential market in Hyderabad continues to be upbeat, with the majority of demand for homes sized between 1,000 and 2,000 square feet. RBI's decision to maintain interest rates since April 2023 has also boosted buyer sentiment. The need to upgrade to apartments with more space and modern amenities has been a major drive of the Hyderabad residential market”.