Home registrations dip 18% to 4,398 units in Hyderabad

Home sales registrations in Medchal-Malkajgiri district was recorded at 47% share followed by Rangareddy district at 38%. The market price rise was the highest in Hyderabad, 9% YoY indicating that larger volume of higher value homes was sold in this location during this period

Hyderabad: Hyderabad recorded 18 per cent decline in residential property registrations to 4,398 units, whilst the total value of properties also decreased 20 per cent to Rs 2,230 crore during April 2023, says a report of Knight Frank India. The city residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

At a district level, the study shows that home sales registrations in the Medchal-Malkajgiri district was recorded at 47 per cent followed by Rangareddy district at 38 per cent. The market price rise was the highest in Hyderabad, 9 per cent YoY indicating that larger volume of higher value homes was sold in this location during this period.

Price growth in the Medchal-Malkajgiri market has also increased by 2 per cent during April 2023. The share of Hyderabad district in total registrations was 14 per cent during April 2023. The weighted average prices of transacted residential properties have declined marginally by 0.3 per cent YoY during April 2023.

Samson Arthur, Senior Branch Director, Knight Frank India said, “Despite the Hyderabad market registering a drop in registrations during April 2023 this is consistent with the pattern seen last year same month. Overall market continues to appeal home buyers, especially for larger homes. Increased share of registrations came from homes ranging from 1,000-2,000 sq ft reflecting desire to upgraded homes with more space and amenities.”

The registrations of homes in the price band of Rs 25 – 50 lakh were highest constituting 54 per cent of the total registrations in April 2023, whilst the share of demand in the less than Rs 25 lakh ticket-size stood at 18 per cent. The cumulative share of sales registrations for properties with ticket-sizes of Rs 1 crore and above increased to 13 per cent during April 2023 from 11 per cent during April 2022. In April 2023, the share of registrations in category of properties sized 500 – 1,000 sq ft stood at 17 per cent, which is higher than the 14 per cent recorded during April 2022. However, the share of properties sized 1,000-2,000 sq ft remained the highest with a total share of 69 per cent during April 2023.