The value of the real estate market in Hyderabad has decreased by 9%, with an overall registration value of Rs 30,415 crore in the first 11 months of the calendar year 2022 as opposed to Rs 33,531 crore in the same period last year.
According to property consultants and research company Knight Frank India, the market saw a 17% reduction in the number of units sold, falling to 62,159 from 75,453 in the same period last year.
However, the Hyderabad market increased by 28% month over month, with an overall registration value of Rs 2,891 crore in November 2022 as opposed to Rs 3,422 crore the month before.The four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy make up the Hyderabad residential market.
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, "the city's residential market showed an upsurge in registrations in November despite considerable headwinds from geopolitical developments and a spike in home mortgage rates over the prior few quarters."
In a statement on Thursday, he noted that while "the more delicate lower ticket sector is hit," "the demand for higher value residences remains strong, thereby sustaining the city's hopeful outlook."
Demand for units in the Rs 25–50 lakh price range was extremely high. In November 2022, this band accounted for about 50% of all units sold, compared to 37% in the same month the previous year. In comparison to the same month previous year, the registration of dwelling units in the lower sector (units under Rs 25 lakh) fell to 22% of the total.
According to Samson Arthur, Senior Branch Director of Knight Frank India, "the increase in registrations for high-value homes over the course of the year clearly reflects the city's upbeat outlook." In Hyderabad district, the weighted average price per square foot increased 18% to Rs 4,198.
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