Around 5,787 property registrations were recorded during October in Hyderabad showing a growth of 25% year-on-year
According to a report by Knight Frank India, Hyderabad recorded the registration of 5,787 residential properties in October 2023, which is up by 25% year-on-year. The total value of properties registered during the month stood at Rs. 3,170 crore (US$ 381 million), which too was increased by 41 year-on-year, indicating a movement towards the sale of higher-value homes.
The four districts that collectively make up the Hyderabad residential market are Sangareddy, Rangareddy, Medchal-Malkajgiri, and Hyderabad.
The majority of registered properties in October 2023 (69% of all registrations) fell into the 1,000–2,000 square feet bracket.
The number of registrations for smaller residences (500–1,000 square feet) decreased from 21% in October 2022 to 16% in October 2023, indicating a decline in demand for these properties. On the other hand, demand increased for properties greater than 2,000 square feet, with registrations for these properties climbing from 10% in October 2022 to 12% in October 2023.
Residential sales in Hyderabad during October 2023 were mainly within properties sized 1,000–2,000 square feet, whereas the price range of Rs. 25–50 lakh (US$ 30,047.93–60,095.85) accounted for the maximum number of registrations.
The report further added that apart from the concentration of bulk transactions, homebuyers also bought plush properties, which are usually bigger in size and offer better facilities and amenities. Some of these deals have happened in markets like Hyderabad and Rangareddy, where the properties were sized at more than 3,000 square feet and valued at upwards of Rs. 4.5 crore (US$ 0.54 million).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.