Hyderabad sees 30 per cent YoY rise in property registrations in September: Knight Frank
The total value of properties registered during the month stood at Rs. 3,378 crore which too has increased by 42% YoY indicating a movement towards sale of more expensive homes.
Hyderabad: Hyderabad has witnessed 6,185 registrations of residential properties in the month of September, recording a 30% year-on-year (YoY) rise as compared to the same period in 2022, a report from Knight Frank India suggests.
The total value of properties registered during the month stood at Rs. 3,378 crore which too has increased by 42% YoY indicating a movement towards sale of more expensive homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
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According to the report put out by Knight Frank, In September 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs. 25 – 50 lakhs, accounting for 51% of the total registrations. While properties priced below Rs. 25 lakhs constituted 15% of the total registration, the share of sales registrations for properties with ticket-sizes of Rs. 1 crore and above was 9% in September 2023, higher as compared with 8% in September 2022.
The report suggests that registered properties in September 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 71% of registrations. There was a moderation in demand for smaller homes (500-1,000 sq ft), with registrations for this category falling to 14% during September 2023 from 16% in September 2022. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 11% during September 2023 from 9% in September 2022.
According to the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 45% of home sales registrations, while Rangareddy district closely follows with 41% of sales registrations. In contrast, Hyderabad district accounted for 14% of the total registrations in September 2023.
During August 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 6.4%. Among the districts, Hyderabad saw the sharpest price increase, at 14% YoY followed by Medchal-Malkajgiri and Rangareddy at 5% and 3% respectively.
Residential sales in Hyderabad during September 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. 5 crores.
In line with the home buyer preferences in the market, development activity has also been significantly biased toward 3 BHKs with 2BHK units following suit. Developers in Hyderabad have notably prioritized the introduction of 3BHK units, indicating a clear inclination towards larger residences, with 2BHK units following suit.
