Home sales in Hyd dip 36% last month

Hyderabad: Hyderabad recorded registrations of 5,181 units of residential properties in August 2022, decline by 36 per cent when compared to 8,144 units in the same month last year, says Knight Frank India report. According to it, the registration value of residential properties decreased 30 per cent at Rs 2,658 crore in August 2022 against Rs 3,810 cr in the corresponding month previous year.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "August 2022 witnessed an increase of 20 per cent MoM in both residential registrations as well as state earnings from home registrations, while observing a reduction of 36 per cent on YoY basis."

"Despite the impact of external factors including an increase in interest rates and price, the Hyderabad residential market continues to experience robust demand trends. Going ahead, we expect home demand to remain stable as end-users continue to be drawn to home purchases backed by job security, rising household incomes and savings," he added.

Since the beginning of the year, the city has observed sales of 46,078 residential units with a total worth of Rs 22,680 crore. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The residential units in the price band of Rs 25 – 50 lakh constituted 55 per cent of the total sales in August 2022.

Demand in the less than Rs 25-lakh ticket-size however weakened with its share constituting 16 per cent compared to 35 per cent a year ago. Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of above Rs 50 lakh increased to 29 per cent in August 2022 from 28 per cent in year-ago period.

The segment of sales in unit-sizes over 1,000 sft maintained its share at an approximate 83 per cent of all home sales registrations in August 2022. Homes in the size of 1,000 – 2,000 sft were 72 per cent of all sales registered during the period. The trend that was set during the pandemic by the consumers to upgrade their property and move into larger living quarters, continued to hold strong in August 2022 as well.