Hyderabad: Home property registries spiked 3 per cent in June

HYDERABAD: As many as 5,566 residential properties were registered in June 2023, at a combined value of ₹2,898 crore, marking year-on-year rises of three per cent and two per cent, respectively, as per a report by a real estate consultancy Knight Frank India.

The Hyderabad residential market includes four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

In June 2023, the highest proportion of property registrations in Hyderabad was in the price range of ₹25 - ₹50 lakhs, accounting for 52 per cent of the total registrations. Properties priced below ₹25 lakhs constituted 18 per cent of the total registration. The share of sales registrations for properties with ticket sizes of ₹1 crore and above was 9 per cent in June 2023, the same as compared with June 2022, the report stated.

Further, in June, the share of properties sized 1,000-2,000 square feet (sq. ft) remained the highest with a total share of 68 per cent, while the share of registrations for properties between 500 and 1,000 sq. ft remained unchanged, at 17 per cent, compared with June 2022. The share of registrations for properties larger than 2,000 sq. ft was also the same, at 11 per cent, it said.

At the district level, Medchal-Malkajgiri recorded 46 per cent of the home sales registrations, followed by the Rangareddy district, at 38 per cent. The share of Hyderabad district was 16 per cent.

The report stated that while most registrations were of mid-sized properties, homebuyers also bought plush properties, which are bigger and offer better facilities and amenities. Some of these deals happened in Hyderabad and Rangareddy, of properties sized more than 3,000 sq. ft and valued upwards of ₹4 crore.

“The Hyderabad residential market continues to remain upbeat, with the majority of the demand for homes between 1,000 and 2,000 square feet. The need to upgrade the primary dwelling to apartment complexes, which offer more space and amenities, has lately been the mainstay for Hyderabad’s residential markets,” said Samson Arthur, senior branch director, Knight Frank India.

 

REGISTRATIONS IN HYDERABAD

Registration        (No. of units)
Registration value in Rs cr

Year                      June units             YoY change
June price              yoy change

2021                       7,251                     NA
₹3,170 cr                 NA

2022                       5,411                     -25%
₹2,842 cr                  -10%

2023                       5,566                     3%
₹2,898 cr                  2%

(source: Knight Frank India)