According to the latest findings from Knight Frank India, Hyderabad witnessed a 25% YoY increase in residential property registrations in October 2023, totaling 5,787 registrations. The overall value of registered properties for the month reached ? 3,170 crores, reflecting a significant 41% YoY surge and indicating a notable shift towards higher-value real estate transactions. Hyderabad's residential market encompasses four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.
In October 2023, properties within the? 25 – 50 lakh price range dominated registrations, constituting 50% of the total. Meanwhile, properties priced below? 25 lakh accounted for 16%, down from the 22% recorded in October 2022. Sales registrations for properties valued at? 1 crore and above increased to 10% in October 2023, compared to 8% in the same period the previous year.
The majority of registered properties in October 2023 fell within the 1,000-2,000 sq ft range, representing 69% of total registrations. Demand for smaller homes (500 - 1,000 sq ft) declined to 16%, down from 21% in October 2022, while properties larger than 2,000 sq ft saw an increased demand, rising to 12% from 10% in the previous year.
At the district level, Medchal-Malkajgiri maintained a leading position with 43% of home sales registrations, closely followed by Rangareddy district with 42%. In contrast, Hyderabad district contributed 14% to the total registrations in October 2023.
The weighted average prices of transacted residential properties experienced a YoY increase of 6.8% in October 2023. Among the districts, Hyderabad, Medchal-Malkajgiri, and Rangareddy each saw a 6% increase in property prices.
Residential sales in Hyderabad during October 2023 predominantly involved properties sized between 1,000-2,000 sq ft, with the? 25 – 50 lakh price range leading in registrations. Beyond bulk transactions, there was a notable trend of homebuyers investing in larger, upscale properties, particularly in markets like Hyderabad and Rangareddy, where properties exceeding 3,000 sq ft and valued above? 4.5 crore were transacted.
Examining demand trends, the real estate market in Hyderabad has witnessed a shift towards the launch of 3 BHK units, aligning with evolving homebuyer preferences for more extensive living spaces. Developers in Hyderabad have strategically prioritized the introduction of 3 BHK units, while 2 BHK units have also seen increased development, catering to those with smaller households or prioritizing affordability.
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