Property registrations in Hyderabad struggle to keep pace: Knight Frank Report
According to Knight Frank Research and Telangana's Registration and Stamps Department, property registrations in Hyderabad have been on a slow decline for most of the year
Hyderabad: Hyderabad’ s real estate market has shown disappointing figures for much of 2024, despite occasional rebounds.
According to Knight Frank Research and Telangana’s Registration and Stamps Department, property registrations in Hyderabad have been on a slow decline for most of the year.
In October, there was only a modest recovery in property registrations, with a 2 per cent YoY increase in the number of units registered, totaling 5,894.
However, this growth was overshadowed by a significant slump in September, where registrations dropped by a staggering 22 per cent compared to the same period in 2023. Moreover, the volume of residential property registrations remained tepid.
The total registration value in October reached Rs 3,617 crore, marking a 14 per cent YoY growth, but this comes on the back of escalating prices that are out of reach for many prospective homebuyers. The rise in demand for properties priced over Rs 1 crore sharply contrasts with the more affordable market, which has experienced a steady decline.
In fact, homes under Rs 50 lakh accounted for only 59 per cent of sales in October 2024, down from 66 per cent in the same month last year. Meanwhile, homes priced above Rs 1 crore saw a sharp 36 per cnt YoY increase in registrations.
Larger homes, typically over 2,000 square feet, are gaining traction. In October, these properties accounted for 12 per cent of registrations, up from 10 per cent last year.
Meanwhile, property sales in October were dominated by Rangareddy and Medchal-Malkajgiri districts, which together accounted for nearly 85 per cent of the total transactions. In contrast, the Hyderabad district, home to prime areas such as Banjara Hills and Jubilee Hills, contributed only a modest 16 per cent of the registrations.
Additionally, the average transaction price for properties in Hyderabad rose by 7 per cent YoY in October. While Sangareddy saw the largest increase of 13 per cent, other districts like Medchal-Malkajgiri and Rangareddy experienced moderate hikes of 8 per cent and 6 per cent, respectively.
Registrations in Hyderabad
January
2023: 5,454
2024: 5,444
February
2023: 5,725
2024: 7,135
March
2023: 6,959
2024: 6,870
April
2023: 4,494
2024: 6,696
May
2023: 6,039
2024: 6,062
June
2023: 5,566
2024: 7,056
July
2023: 5,557
2024: 8,781
August
2023: 6,493
2024: 6,439
September
2023: 6,304
2024: 4,903
October
2023: 5,799
2024: 5,894
