Hyderabad residential property registrations dip 5% in March
Homes worth Rs 3,352 cr registered in the city during March 2023, says Knight Frank India report
image for illustrative purpose
Hyderabad: Hyderabad recorded a marginal 5 per cent decline in registrations of residential properties at 6,414 units in March 2023, against the same month last year. However, the total value of properties registered in month increased 7 per cent at Rs 3,352 crore over corresponding month previous year, says the report of Knight Frank India.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. According to the report, the registrations of residential units in the price band of Rs 25 – 50 lakh remained highest constituting 53 per cent of the total registrations in March 2023. The share of demand in the less than Rs 25 lakh ticket-size stood at 18 per cent in March 2023, a marginal decline compared to same period last year.
Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of Rs 1 crore and above increased to 10 per cent in March 2023 from 6 per cent in March 2022.
In March 2023, the share of registrations in category of properties sized 500 – 1000 square feet stood at 16 per cent, in line compared to same period last year. While share of properties sized 1,000-2,000 square feet remained highest with a total share of 70 per cent in March 2023.
At district level, the study shows that home sales registrations in the Medchal-Malkajgiri district was recorded at 42 per cent followed by Rangareddy district at 35 per cent. The share of Hyderabad district in total registrations was recorded at 14 per cent in March 2023.
The weighted average prices of transacted residential properties have increased by 10 per cent YoY in March 2023. Sangareddy district saw the steepest rise of 15 per cent YoY in March 2023 indicating higher value homes were sold in this location during this period. Price growth in the Hyderabad market has been strong in recent times with higher value property being sold in March 2023.
Samson Arthur, Senior Branch Director, Knight Frank India said, “Hyderabad registrations continued to remain strong in March despite increasing home loan interest rate and global economic uncertainties. The highest share of registrations came from homes with spaces ranging from 1,000 to 2,000 square feet. This can be attributed to buyers' desire to move up to homes with more space and amenities. Consumers in Hyderabad continue to have a high level of confidence in their ability to uphold long-term financial commitments, which is reflecting on the city's upbeat outlook.”
