During June 2023, the weighted average prices of transacted residential properties witnessed a year-on-year increase of 0.3%. (symbolic image)
Hyderabad’s residential market consists of four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
In its latest assessment, Knight Frank India reported that Hyderabad recorded the registration of 5,566 residential properties in June 2023, showing a year-on-year (YoY) growth of 3%, while the total value of properties registered during the month stood at 2,898. crore was Rs. (Cr) which also grew by 2% YoY. Hyderabad residential market It consists of four districts Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
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In June 2023, Hyderabad had the highest proportion of property registrations in the price range of Rs 25 – 50 lakh, accounting for 52% of the total registrations. Properties priced below Rs 25 lakh accounted for 18% of the total registrations. The share of sale registrations for properties with a ticket size of Rs 1 crore and above was 9% in June 2023, the same as in June 2022.
Registration in Hyderabad
In June 2023, properties in the 1,000-2,000 sq ft size accounted for the highest share with an overall share of 68%. The share of registrations for properties between 500 and 1,000 square feet (sq. ft.) remained unchanged at 17% in June 2023 as compared to June 2022. The share of registrations for properties larger than 2,000 sq ft was also similar at 11%.
At the district level, the study shows that Medchal-Malkajgiri district recorded 46% of home sale registrations, followed by Rangareddy district with 38% of sale registrations. The share of Hyderabad district in the total registration during June 2023 was 16%.
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During June 2023, the weighted average prices of transacted residential properties witnessed a year-on-year increase of 0.3%. Among the districts, Hyderabad recorded the highest price growth of 5% on a YoY basis, indicating that a large amount of high-priced homes were sold in that region during the period. Medchal-Malkajgiri district also experienced a price increase of 1% during June 2023.
Residential sales in Hyderabad during June 2023 were mainly within 1,000-2,000 sq ft sized properties, while the price range of Rs 25 – 50 lakh, accounted for the highest registrations. However, beyond the concentration of wholesale transactions, home buyers also bought plush properties, which are larger in size and offer better facilities and amenities.
Some of these deals have happened in markets such as Hyderabad and Rangareddy, where properties were over 3,000 sq ft in size and priced above Rs 4 crore.
Samson Arthur, Senior Branch Director, Knight Frank India, said, “The Hyderabad residential market continues to be buoyant, with most of the demand for homes between 1,000 and 2,000 sq ft. RBI’s decision to keep the interest rate unchanged from April 2023 has also boosted buyer sentiment, making it more favorable for home buyers. The need to upgrade a family’s primary residence to an apartment complex that offers more space and amenities has been a mainstay for Hyderabad’s residential markets in recent times.
