Residential properties worth Rs. 2816 cr registered in Hyderabad in Feb: Knight Frank

HYDERABAD: Knight Frank India, in its latest assessment noted that Hyderabad has recorded registrations of 5,274 units of residential properties, worth Rs. 2,816 cr in February this year.

The recorded registrations in the Hyderabad residential market which includes Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, suggest that sales of residential properties have eased by 3 percent year-on-year, while registration revenue collections slightly decreased by 1 percent YoY over the same time period.

Registrations in residential units in the price band of Rs. 25 – 50 lakh remained highest constituting 51 percent of the total registrations in February 2023. The share of Demand in the less than Rs. 25 Lakh ticket-size stood at 18 percent in February 2023, inline compared to same period last year.

Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of Rs. 1 crore increased to 10 percent in February 2023 from 8 percent in February 2022.

In February 2023, the share of registrations in properties sized 500 – 1000 square feet increased to 18 percent compared to 14 percent observed in February 2022. While share of properties sized 1,000-2,000 square feet remained highest with a total share of 68 percent in February 2023, it was lower than the 73 percent witnessed in February 2022.

Samson Arthur, Senior Branch Director, Knight Frank India said, “Hyderabad's residential market continues to be driven by its diversified workforce and changing socioeconomic environment despite the rising interest rates. The stability in registrations in the Rs. 25-50 lakh category and the increase in high-value property registrations over the previous year is a clear indicator of the city's upbeat outlook.”

At district level, the study shows that home sales registrations in the Medchal-Malkajgiri district was recorded at 43 percent followed by Rangareddy district at 39 percent. The share of Hyderabad district in total registrations was recorded at 15 percent in February 2023.

The weighted average prices of transacted residential properties have increased by 3 percent YoY in February 2023. Sangareddy district saw the steepest rise of 9 percent YoY in February 2023 indicating higher value homes were sold in this location during this period. Price growth in the Hyderabad market has been strong in recent times with higher value property being sold in February 2023.