Property registrations dip marginally in Hyderabad

Hyderabad: Hyderabad residential market has seen a marginal decline of 1 per cent Year-on-Year (YoY) at 5,411 residential properties registered in January 2024, says Knight Frank India’s latest report. The total value of properties registered during the month stood at Rs 3,279 crore which is higher by 24 per cent YoY, indicating a movement towards sale of higher value homes. As per the report, 5,454 units of value Rs 2,650 crore were transacted during the same month last year. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, and covers home sales pertinent to the primary and secondary real estate markets.

In January 2024, 47 per cent properties in the price range of Rs 25-50 lakh were the single largest category of property registrations in Hyderabad, while properties priced below Rs 25 lakh constituted 15 per cent of the total registration shrinking further in its share. Notably the share of properties costing Rs 1 crore and above has increased significantly to 14 per cent in January 2024, as compared with 8 per cent in January 2023. The properties registered in January 2024 were largely concentrated in the range of 1,000 - 2,000 sq ft, accounting for 71 per cent of registrations.

There was a moderation in demand for smaller homes (below 1,000 sq ft), with registrations for this category falling to 16 per cent during January 2024 from 19 per cent in January 2023. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 13 per cent during January 2024 from 9 per cent in same month a year ago. Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “The Hyderabad residential market displayed a promising start to 2024, characterised by a stable property registration momentum and a notable uptick in demand for high-quality homes in January. This is reflected not just in the growth in price level but also the aspirational drive of homebuyers towards upgrading to higher value properties. Developers, too, are actively keeping pace with these trends, demonstrating adaptability to meet the evolving preferences of discerning buyers.”