Hyderabad sees 15% jump in residential property registration

Hyderabad: The residential property market in the city has surged by 15 per cent year-on-year (YoY), with 26,027 property’s registered in the first four months (January to April) of 2024, of a total value Rs 16,190 crore, a 40 per cent y-o-y increase compared to the same period last year.

In its latest assessment, Knight Frank India reported that the surge in registrations has been driven by higher-value homes, specifically those priced at Rs 1 crore and above, which saw a 92 per cent y-o-y increase. Mid-segment homes, costing between Rs 50 lakh and Rs 1 crore, also witnessed 47 per cent y-o-y rise. Overall, the value of registered homes in all categories has increased, indicating a shift towards more expensive properties.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: “The residential market in Hyderabad, like numerous other locations across India, is experiencing a noticeable shift towards high-end homes offering expansive spaces and premium amenities. Since the onset of the pandemic, prices have steadily risen, a trend that persisted through April 2024, as homebuyers consistently exhibited a preference for properties of higher value.”

The CMD further said that in response to these evolving market dynamics, developers are aligning their offerings with the changing demands of buyers. The Hyderabad residential market includes four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.