Hyderabad, Dec 16 – Despite economic fluctuations, Hyderabad’s real estate market demonstrated resilience with a notable increase in property registrations. According to the latest report from Knight Frank India, the city recorded 6,268 residential property registrations in November 2023, marking a 2% year-on-year (YoY) and 8% month-on-month (MoM) rise.
The total value of registered properties during the month reached Rs 3,741 crore, indicating a substantial 29% YoY and 18% MoM growth. The Hyderabad residential market encompasses four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.
In November 2023, nearly half of the property registrations (48%) fell within the price range of Rs 25 – 50 lakhs. This segment maintained its dominance in the market. However, there was a shift, with properties priced below Rs 25 lakhs constituting 13% of the total registrations, down from 23% recorded in November 2022.
Interestingly, the share of sales registrations for properties priced at Rs 1 crore and above increased from 7% in the corresponding period the previous year to 13% in November 2023. The market witnessed a concentration of properties in the 1,000-2,000 sq ft range, accounting for 71% of registrations.
The data revealed a moderation in demand for smaller homes (below 1,000 sq ft), with registrations dropping from 25% in November 2022 to 15% in November 2023. On the contrary, larger properties exceeding 2,000 sq ft experienced increased demand, rising from 11% to 14% during the same period.
Residential sales in Hyderabad during November 2023 primarily focused on properties sized between 1,000-2,000 sq ft, with the price range of Rs 25 – 50 lakhs leading the registrations. However, the market also witnessed transactions for more upscale properties, exceeding 3,000 sq ft and valued above Rs 5 crores.
The report highlights the dynamic nature of Hyderabad’s real estate landscape, where varying consumer preferences and market segments contribute to a robust and adaptable housing market.
