Home registrations up by 17% in Hyderabad: Knight Frank

Hyderabad: Hyderabad witnessed the highest number of residential property registrations in 2024. Registrations increased by 17% this year, with 46,368 units registered between January and July, compared to 39,794 units during the same period last year, according to a Knight Frank India report.

In July 2024, Hyderabad registered homes worth a total of Rs 4,266 crore, marking a 48 per cent year-on-year increase. The number of registrations also rose by 28 per cent year-on-year, reaching 7,124 units. In the same month last year, 5,557 units worth Rs 2,878 crore were registered.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: “Since the onset of the pandemic, property prices have been on a steady rise, a trend continuing through July 2024. Supported by robust economic growth and favourable interest rates, buyer confidence has surged. Hyderabad is spearheading this shift, with developers rapidly adapting to market changes and tailoring their offerings to meet the evolving demands of buyers.”

There has been a significant increase in the share of sales registrations for properties priced at Rs 1 crore and above, rising to 13 per cent in July 2024, from nine per cent in the same period last year, according to the report. Registration of higher-value homes of above Rs 1 crore increased by 94 per cent year-on-year during July 2024.

“The residential market in Hyderabad is experiencing a notable shift towards luxury homes with spacious layouts and enhanced amenities. This trend is part of a broader shift across India towards the premiumization of housing as is evident in case of Hyderabad where homes costing Rs 1 crore saw a rise of 129 per cent YoY,” Baijal said.