In July 2023, Hyderabad's real estate market saw a remarkable upswing, as property registrations surged by 26% compared to the previous year. According to Knight Frank India's recent report, the city registered 5,557 residential properties, marking a substantial 35% increase in their collective value to Rs 2,878 crore.
These favorable market trends also indicate a change in homebuyer preferences. The data analysis shows that in July, 52% of registered properties were priced between Rs 25 – 50 lakh. Additionally, the most registered segment shifted to homes ranging from 1,000 – 2,000 sq ft, making up 67% of all registrations.
The data showcases the market's strong recovery in 2023 following a decline in 2022. There was a minor increase in the desire for smaller homes (500-1,000 sq ft), comprising 18% of registrations. Conversely, registrations for larger properties surpassing 2,000 sq ft also exhibited growth, climbing to 11% in July 2023 from 9% in July 2022.
Analyzing trends by district, the Medchal-Malkajgiri district took the lead, comprising 46 percent of total home sales registrations in July 2023Subsequently, the Rangareddy district accounted for 37 percent, while the Hyderabad district contributed 17 percent to the overall registrations.
Furthermore, the report underscores that in addition to the predominant transactions within the 1,000-2,000 sq ft range and the Rs 25 – 50 lakh price category, certain buyers were drawn to high-end properties. These distinctive agreements frequently encompassed upscale homes surpassing 3,000 sq ft in area and valued above Rs 5 crores.
In response to the situation, Samson Arthur, Senior Branch Director at Knight Frank India, remarked, "The residential market in Hyderabad maintains its optimistic outlook, driven by substantial demand for homes ranging from 1000 to 2000 square feet."
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