Hyd’s residential property registration up by 15% in Aug
Rising demand for modern complexes equipped with amenities leads to 6,493 home registration in Aug 2023, says Knight Frank report
Hyderabad: The Reserve Bank of India’s decision to keep interest rates steady since April 2023 and the demand for convenient living spaces has driven registration of residential properties in Hyderabad, leading to 6,493 homes registered in August 2023, the second highest in the year. The highest was in March 2023 wherein 6,959 units were registered.
In its latest assessment, property consultant Knight Frank India noted that Hyderabad recorded registrations of 6,493 residential properties in August 2023, a rise of 15 per cent year-on-year, compared to 5,656 units in the same month last year and 17 per cent growth month-on-month, as against 5,557 units in the month of July, 2023. The total value of properties registered during the month stood at Rs 3,461 crore which has also increased by 22 per cent y-o-y and 20 per cent m-o-m.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
On the growth, Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “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.”
In August 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 – 50 lakh, accounting for 52 per cent of the total registrations, while properties priced below Rs 25 lakh constituted 16 per cent. According to the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 43 per cent of home sales registration, while Rangareddy district closely follows with 39 per cent. In contrast, Hyderabad district accounted for 17 per cent of the total registrations in August 2023.
The demand for properties in the size range of 1,000-2,000 sft took up the major share in August 2023, accounting for 70 per cent of registration. There was also 16 per cent increase in demand for smaller homes (500 -1,000 sft), compared to 15 per cent in August 2022. Notably, properties larger than 2,000 sft also saw 11 per cent increase in demand, as against nine per cent in the same month last year.
