Demand for residential housing sees uptick in Hyd
Hyderabad residential property registrations rose 3% at 5,566 units in June 2023, with total value at Rs 2,898 cr, up 2%
image for illustrative purpose
Hyderabad Spacious residences with all the available amenities have attracted families in Hyderabad to upgrade their primary dwelling to apartments. The city recorded registrations of 5,566 residential properties in June 2023, noting a rise of 3 per cent year-on-year (YoY) while the total value of properties registered during the month stood at Rs 2,898 crore, an increase of 2 per cent YoY.
In 2022, 5,411 properties were registered in the Hyderabad residential market, with a total value of Rs 2,842 crore. The market includes four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.
In its latest assessment, real estate consultants Knight Frank India noted that the Hyderabad residential market continues to remain upbeat. In June 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25–50 lakh, accounting for 52 per cent of the total registrations. The share of properties sized 1,000–2,000 square feet remained the highest with a total share of 68 per cent.
“The Hyderabad residential market continues to remain upbeat, with majority of the demand for homes between 1,000 and 2,000 sft. The share of registrations for properties between 500 and 1,000 sft remained unchanged at 17 per cent,” Senior Branch Director of Knight Frank India Samson Arthur said.
At a district level, the study shows that Medchal-Malkajgiri district recorded 46 per cent of the home sales registration followed by Rangareddy district at 38 per cent. The share of Hyderabad district in total registrations was 16 per cent during June 2023.
“The RBI’s decision to maintain interest rate since April 2023 has boosted buyer sentiment, making it more conducive for homebuyers. The need to upgrade the family’s primary dwelling to apartment complexes which offer more space and amenities has lately been the mainstay for Hyderabad’s residential markets,” Arthur added.
During June 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 0.3 per cent. Among the districts, Hyderabad recorded the highest price rise at 5 per cent YoY, suggesting a larger volume of higher value homes sold in that area during the period. The Medchal-Malkajgiri district also experienced a price growth of one per cent during June 2023.
