Hyd sees 30% growth in home registrations

Hyderabad: Hyderabad has recorded a 30 per cent year-on-year (YoY) rise in property registrations at 6,185 residential properties in September 2023, says the latest report from Knight Frank India. The total value of properties registered during the month has increased by 42 per cent YoY at Rs 3,378 crore which too has indicating a movement towards sale of more expensive homes.

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

According to the report, the highest proportion of property registrations in Hyderabad during September 2023 was in the price range of Rs 25-50 lakh, accounting for 51 per cent of the total registrations. The properties priced below Rs 25 lakh constituted 15 per cent of the total registration. The share of registrations with ticket-sizes of Rs 1 crore and above was 9 per cent, higher as compared with 8 per cent in the same month a year ago.

Shishir Baijal, CMD of Knight Frank India said, “The Hyderabad housing market is currently undergoing a notable upswing, primarily driven by a surge in demand within the city. Notably, this demand is centred on the desire for improved residential environments that offer contemporary housing communities with a wide range of amenities.”

“Despite global uncertainties, the stable interest rates coupled with the resilient economy have significantly enhanced the confidence of potential homebuyers. An optimistic market sentiment is unmistakably reflected in the escalated number of property developments. The developers are deftly adapting to cater to the evolving preferences of their discerning clientele.”

The registered properties in September 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 71 per cent of registrations. There was a moderation in demand for smaller homes (500 -1,000 sq ft), with registrations for this category falling to 14 per cent during the month from 16 per cent in September 2022.

However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 11 per cent during September 2023 from 9 per cent in September 2022. As per the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 45 per cent of home sales registrations, while Rangareddy district closely follows with 41 per cent of sales registrations. In contrast, Hyderabad district accounted for 14 per cent of the total registrations in September 2023.