In August 2023, Hyderabad witnessed a notable surge in residential property registrations, with a total of 6,493 recorded. This marked a substantial 15 percent increase compared to the previous year, and a significant 17 percent rise on a month-to-month basis, as reported by property consultancy Knight Frank on September 14.
The cumulative value of these registered properties in August amounted to Rs 3,461 crore, indicating a substantial 22 percent growth when compared to the same period in the previous year.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributed this thriving real estate market in Hyderabad to a growing demand for enhanced living spaces, particularly within modern complexes that offer a wide range of amenities. He also pointed out that the Reserve Bank of India's decision to maintain steady interest rates since April 2023 has further bolstered buyer confidence.
Affordable housing appeared to be a key driver of this growth. The report noted that in August, the majority of property registrations in the city fell within the price range of Rs 25-50 lakh, accounting for 52 percent of the total registrations. Properties priced below Rs 25 lakh made up 16 percent of the total, while those with price tags of Rs 1 crore and above constituted 9 percent of sales registrations in July 2023, up from 8 percent in July 2022.
The demand for properties in August 2023 was primarily concentrated in the 1,000-2,000 sq ft size category, representing a substantial 70 percent of all registrations. Smaller homes within the 500-1,000 sq ft range also saw increased demand, accounting for 16 percent of total registrations in August 2023, up from 15 percent in the previous year. Larger properties exceeding 2,000 sq ft witnessed a rising demand as well, comprising 11 percent of the total in August, compared to 9 percent in August 2022.
In summary, residential property sales in Hyderabad during August 2023 were predominantly focused on properties sized between 1,000 and 2,000 sq ft, with the Rs 25-50 lakh price range garnering the highest number of registrations.
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