Hyderabad registers houses worth Rs 4,288 cr in June, 48% more than last year

Hyderabad: Hyderabad registered houses worth Rs 4,288 crore during June 2024, up by 48 per cent year-on-year and by 14 per cent over the previous month. The number of registrations stood at 7,014 units, an increase of 26 per cent over last year, said Knight Frank India in its monthly report.

Since January 2024, Hyderabad has seen registrations of 39,220 residential properties, which is higher by 15 per cent compared to 2023. The rise is sharper in the cumulative value of the registered properties in the first six months at Rs 24,287 crore, indicating a rise of 39 per cent from Rs 17,490 crore worth properties registered during the same time last year.

This indicates a 21 per cent rise in the average cost of homes registered in 2024 over the first six months of 2023.

In June 2024, properties registered in the less than Rs 50 lakh category were the largest category of properties registered in Hyderabad. Share of registrations for properties costing Rs one crore and above has increased to 14 per cent in June 2024, as compared with 9 per cent in June 2023, indicating that homebuyers are preferring higher-value homes.

A majority of the registered properties were in the range of 1,000 to 2,000 sq ft

Rangareddy emerged as the leading contributor to registrations in June 2024, capturing 43% of the market. Medchal-Malkajgiri and Hyderabad district accounted for 41% and 16% respectively of the total registrations.

The weighted average price of transacted residential properties witnessed an increase of 10% during June 2024.

Homebuyers also bought plush properties which are bigger in size and offer better amenities. The top five deals have majorly happened in Rangareddy and Hyderabad and properties more than 3,000 sq ft and valued upwards of Rs 7.1crore.

Share of 2BHK apartments increased from 24% to 27%. The proportion of 3BHK units declined from 61% to 48% and the share of 4BHK units grew from 15% to 18%. The 5BHK units, a new addition, now make up 4% of launches, catering to ultra-luxury seekers.

“The demand is experiencing a significant shift towards luxurious homes with spacious layouts and greater amenities,” said Shishir Baijal, chairman and managing director, Knight Frank India.