Property registrations down 28% in Sept in Hyd

Hyderabad: Global property consultant, Knight Frank India in its latest assessment has noted that Hyderabad recorded registrations of 4,307 units of residential properties in September 2022. Whereas, in September last year, the number of properties registered stood at 6,017 units. The year-on-year decline is 28 per cent and a month-on-month drop is 24 per cent as in August 2022 the units registered were 5,656.

The consultant attributed the reduction to rising home loans rates. The Hyderabad residential market taken into consideration for the study includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. Knight Frank said that since the beginning of the year, the city has recorded registration of 50,953 residential units with a total worth of Rs 25,094 crore compared to registrations of 62,052 residential units amounting to Rs 27,640 crore observed in similar period last year. "The Hyderabad residential market, which had been largely resilient during the pandemic, saw a drop in registrations in 2022. While we predict some short-term reduction in activity due to rising house loan rates, the markets latent demand is projected to keep it strong in the medium to long term, given general economic growth and rising income levels in Hyderabad," the CMD of Knight Frank India, Shishir Baijal said.

The residential units in the price bracket of Rs 25–Rs 50 lakhs constituted 55 per cent of the total sales in September 2022, which is an increase from a share of 39 per cent in September 2021. However, demand for less than Rs 25 lakh ticket-size weakened with its share constituting 16 per cent compared to 36 per cent a year ago. Knight Frank associated this consumer trend of upgrading their home and moving into larger living spaces that began during the pandemic seems to have continued in September 2022.