Hyderabad in January 2024 saw a slight drop in property registrations but a huge surge in the value of newly registered properties. Read on to learn more.
Real estate agency Knight Frank India on January 12, 2023, revealed in a report that 5,411 residential properties were registered in Hyderabad in January 2024, a decrease of 1 per cent compared to January 2023. However, the total value of properties registered during the month saw a huge surge (24 per cent YOY), reaching Rs 3,279 crore. This surge shows a notable shift towards a preference towards higher-value homes in the region.
In January 2024, 47 per cent of properties that were registered were in the price range of Rs 25 – 50 lakhs, while properties priced below Rs 25 lakhs constituted 15 per cent of the total registration. The number of properties priced below Rs 25 lakh showed a significant dip from the previous year,
Notably, the sales registrations for properties costing Rs 1 crore and above have surged to 14 per cent in January 2024, from 8 per cent the previous year.
When considering the size of properties, 71 per cent of properties registered in January 2024 were in the range of 1,000 - 2,000 sq ft. The demand for smaller homes (below 1,000 sq ft) moderated during the month, with their share falling to 16 per cent during the month from 19 per cent the previous year.
However, the demand for properties larger than 2,000 sq ft increased, with their share rising to 13 per cent from 9 per cent YOY.
Rangareddy emerged as the district with the highest registrations in January 2024, capturing 43 per cent of the total share. Medchal-Malkajgiri, the former front-runner, took the second position with a 42 per cent share of total properties registered. Hyderabad district accounted for 15 per cent of the total registrations during the month.
During January 2024, the weighted average prices of transacted residential properties witnessed a sharp 14 per cent rise YOY. Among the districts, Rangareddy saw the sharpest surge (12 per cent YoY) while Hyderabad and Medchal-Malkajgiri saw a surge of 11 per cent and 5 per cent YoY respectively.
Many homebuyers in Hyderabad and Rangareddy are opting for larger, high-value properties, sized above 3,000 sq ft and above Rs 4.2 crores. Banjara Hills and Somajiguda in Central Hyderabad and Puppalaguda and Narsingi in the West saw many such sales. Says Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Developers, too, are actively keeping pace with these trends, demonstrating adaptability to meet the evolving preferences of discerning buyers.” Keeping homebuyers’ preferences in mind, there is a notable bias in development activity towards 3-bedroom units (3-BHK), he said.