Residential property registration up 26% in June in Hyd market
Homes worth Rs 4,288 cr registered; 14 per cent properties cost above Rs 1 crore, says Knight Frank report
image for illustrative purpose
Hyderabad: The city witnessed registration of 7,014 residential properties worth Rs 4,288 crore during June 2024. The total value of registered properties increased by 48 per cent year-on-year (YoY) and by 14 per cent month-on-month (MoM), while total number of units registered grew by 26 per cent YoY and 16 per cent MoM, a Knight Frank India report said. In its latest assessment, Knight Frank India reported that from January 2024, the city has seen registrations of 39,220 residential properties which is higher by 15 per cent YoY when compared to H1, 2023.
The rise is sharper in the cumulative value of the registered properties in the first six months, which is at Rs 24,287 crore, indicating a YoY growth of 39 per cent, as against Rs 17,490 crore worth properties registered in the first half of 2023.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: “The residential market in Hyderabad is experiencing a significant shift towards luxurious homes with spacious layouts and greater amenities.
Since the onset of the pandemic, prices have steadily risen, a trend that has persisted through June 2024, as homebuyers increasingly seek higher-value properties with more space. This shift is supported by positive economic growth and favourable interest rates, which have further boosted buyer confidence.”
According to the report, in June 2024, the largest category of properties registered in the city was in the less than Rs 50 lakh price category. However, its share in sales registration has fallen from 70 per cent in June 2023 to 60 per cent in June 2024, while the share of properties costing Rs 1 crore and above has increased to 14 per cent in June 2024, as compared with nine per cent in the previous year.
The top five deals for June 2024 were mostly witnessed in Rangareddy and Hyderabad, wherein the properties were sized more than 3,000 sft and valued upwards of Rs 7.1 crore, it added.
The Hyderabad residential market includes four districts namely, Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.
