Hyderabad, March 7, 2024: In a significant uptick for the real estate sector, Hyderabad witnessed a notable increase in residential apartment registrations during the month of February. According to data analyzed by Knight Frank India, the state registration department reported 6,938 residential properties registered in Hyderabad, marking a substantial 21 percent rise compared to the same period last year.
The total value of properties registered during the month amounted to a staggering Rs 4,247 crore, showcasing a remarkable 42 percent year-on-year surge and a noteworthy 29 percent month-on-month increase. This surge indicates a notable trend towards the sale of higher-value homes within the city.
The data further revealed that the weighted average price of transacted residential properties observed a sharp year-on-year increase of 10 percent. Among the districts, Medchal-Malkajgiri experienced the most significant surge, with a 15 percent rise year-on-year, followed by RangaReddy and Hyderabad districts with increases of 5 percent and 2 percent respectively.
A notable highlight from the data is the dominance of properties within the price category of Rs 25 – 50 lakhs, comprising a substantial 45 percent of the total registrations in February. This category emerged as the single largest segment of property registered in Hyderabad during the period, while properties priced below Rs 25 lakhs constituted a mere 14 percent of the total registrations, witnessing a further decline in their share.
In a noteworthy shift, the share of sales registrations for properties priced at Rs 1 crore and above saw a significant increase, rising to 14 percent in February 2024, compared to 10 percent in the corresponding period of the previous year, indicating evolving trends in the city's real estate market.
The surge in residential property registrations reflects a promising trajectory for Hyderabad's real estate sector, indicating growing consumer confidence and potential investment opportunities within the city.
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