Property Registrations Fall 20% In Dec In Hyd

This surge in high-value property registrations reflects a shift towards premium homes, with buyers showing a preference for larger, more luxurious living spaces

A notable shift in buyer preferences has emerged: properties priced below Rs50 lakh now account for 60 per cent of registrations, down from 68 per cent in 2023 - Shishir Baijal, CMD, Knight Frank India

Hyderabad: Reflecting subdued trend in the Hyderabad real estate market, property registrations were down 20 per cent to 5,805 units in December 2024 as against 7,254 units in December 2023. In value terms also, the city registered a decline. Consequently, the cumulative value of registered properties also declined by 14 per cent to Rs 3,590 crore in December from Rs 4,191 crore in the same month a year ago, according to a Knight Frank report released on Monday.

However, during the entire calendar year of 2024, property registrations went up by seven per cent to 76, 613 units in the city from 71,912 units a year ago. The registration value of properties in Hyderabad during 2024 went up by 23 per cent to Rs47,173 crore from Rs38,395 crore in 2023. The Hyderabad residential market covers four districts - Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy - and includes transactions from both the primary and secondary real estate markets.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “A notable shift in buyer preferences has emerged: properties priced below Rs50 lakh now account for 60 per cent of registrations, down from 68 per cent in 2023. Meanwhile, the share of properties valued above Rs50 lakh has climbed to 40 per cent, up from 32 per cent last year. This trend reflects a rising preference for premium and luxury living”.

According to the report, the bulk of Hyderabad’s property transactions in 2024 were concentrated in the Rs50 lakh to Rs1 crore range, which saw a 24 per cent rise in registrations. Properties priced above Rs1 crore recorded 58 per cent increase YoY, now accounting for 14 per cent of total registrations, up from 10 per cent in 2023. This surge in high-value property registrations reflects a shift towards premium homes, with buyers showing a preference for larger, more luxurious living spaces.

In terms of size, the majority of the properties registered were between 1,000 and 2,000 square feet, comprising 69 per cent of all transactions. Meanwhile, homes exceeding 2,000 square feet saw an uptick in share from 11 per cent in 2023 to 14 per cent in 2024, indicating a growing demand for larger units.

At the district level, Medchal-Malkajgiri and Rangareddy led the charge, contributing 42 per cent and 41 per cent of the total registrations, respectively. The weighted average price of properties also rose by 6 per cent YoY, with Medchal-Malkajgiri experiencing the highest growth at 14 per cent.