Hyderabad registered 6,493 residential properties worth Rs 3,461 crore in August

Even as the residential real estate sector is on the upswing over the last few months, in its latest assessment, Knight Frank India, a leading independent global property consultant noted that Hyderabad recorded registrations of 6,493 residential properties in August 2023, noting a rise of 15 per cent year-on-year (YoY) and 17 per cent month-on-month (MoM), while the total value of properties registered during the month stood at Rs 3,461 crore which has also increased by 22 per cent YoY and 20pc MoM.

The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

The recent bulk land and individual plots auctions conducted by the Hyderabad Metropolitan Development Authority (HMDA) in the booming West Hyderabad area fetched premium prices

In August 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 to 50 lakhs, accounting for 52 per cent of the total registrations.

Properties priced below Rs 25 lakhs constituted 16 per cent of the total registration. The share of sales registrations for properties with ticket-sizes of Rs One crore and above was 9 per cent in July2023, higher as compared with 8 per cent in August 2022.

The demand for properties in August 2023 was largely concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 70 per cent of registrations.

There was also an increase in demand for smaller homes (500-1,000 sq ft), with registrations for this category rising to 16 per cent during August 2023 from 15pc in August 2022. Notably properties larger than 2,000 sq ft also saw an increase in demand, with registrations rising to 11 per cent during August 2023 from 9 per cent in August 2022.

According to the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 43 per cent of home sales registrations, while Rangareddy district closely follows with 39 per cent of sales registrations. In contrast, Hyderabad district accounted for 17 per cent of the total registrations in August 2023.

During August 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 5.7 per cent. Among the districts, Medchal-Malkajgiri district saw the sharpest price increase, at 6 per cent YoY. Hyderabad and Rangareddy districts also saw price upticks of 4 per cent and 2 per cent respectively.

Residential sales in Hyderabad during August 2023 were mainly within properties sized 1,000-2,000 sq ft whereas the price range of Rs 25 – 50 lakhs, accounted for the highest registrations. However, beyond the concentration of bulk transactions homebuyers also bought plush properties, which are bigger in size and offer better facilities and amenities.

Some of these deals have happened in markets like Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs 4 crores.

“The housing market in Hyderabad is on a significant upswing, driven by a rising demand for improved living spaces, particularly in modern complexes equipped with numerous amenities. Additionally, the RBI's decision to keep interest rates steady since April 2023 has further boosted buyer confidence,“ said Knight Frank India, ,Chairman and Managing Director, Shishir Baijal.