In its latest assessment, Knight Frank India highlighted that Hyderabad recorded registrations of 5,566 residential properties in June 2023, noting a rise of 3% year-on-year (YoY) while the total value of properties registered during the month stood at Rs 2,898 crore (Cr) which has also increased by 2% YoY. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
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In June 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 – 50 lakhs, accounting for 52% of the total registrations. Properties priced below Rs 25 lakhs constituted 18% of the total registration. The share of sales registrations for properties with ticket-sizes of Rs 1 crore and above was 9% in June 2023, the same as compared with June 2022.
Registrations In Hyderabad
In June 2023, the share of properties sized 1,000-2,000 sq ft remained the highest with a total share of 68%. The share of registrations for properties between 500 and 1,000 square feet (sq ft) remained unchanged at 17% in June 2023, compared with June 2022. The share of registrations for properties larger than 2,000 sq ft was also the same at 11%.
At a district level, the study shows Medchal-Malkajgiri district recorded 46% of the home sales registrations followed by sales registrations at Rangareddy district at 38%. The share of Hyderabad district in total registrations was 16% during June 2023.
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During June 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 0.3%. Among the districts, Hyderabad recorded the highest price rise at 5% YoY, suggesting a larger volume of higher value homes sold in that area during the period. The Medchal-Malkajgiri district also experienced a price growth of 1% during June 2023.
Residential sales in Hyderabad during June 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.
Samson Arthur, senior branch director, Knight Frank India, said, “The Hyderabad residential market continues to remain upbeat, with the majority of the demand for homes between 1,000 and 2,000 square feet. The RBI’s decision to maintain interest rate since April 2023 has also boosted buyer sentiment, making it more conducive for homebuyers. The need to upgrade the family’s primary dwelling to apartment complexes which offer more space and amenities has lately been the mainstay for Hyderabad’s residential markets.”
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