Introduction
According to the latest report by Knight Frank India, there were 6,938 residential property registrations in Hyderabad in February 2024. 21% year-on-year (YoY) and 27% month-on-month (MoM) growth. The total value of assets recorded during the month was Rs. 4,247 crores, which represents a move towards higher value home sales by 42% YOY and 29% MoM.
Table of Contents
In February 2024, 45% of registered assets will be Rs. 25–50 lakhs fall in the price category. It has become the largest category of property registered in Hyderabad. But Properties priced below Rs 25 lakhs saw a 14% drop in total registrations. More in its share. Especially, the share of sales registrations for properties priced at Rs 1 crore and above increased to 14% in February 2024, compared to 10% in February 2023.
Ticket Size Share of Registrations
Properties registered in February 2024 are mostly concentrated in the 1,000-2,000 square feet (sq ft) range. It has 71% registrations. Smaller homes (less than 1,000 square feet) are in moderate demand. Registrations in this category fell from 20% in February 2023 to 16% in February 2024. However, properties above 2,000 square feet are in demand. From 10% in February 2023 to 13% in February 2024.
| Ticket-size (in Rs) | February 2023 | February 2024 |
| Less than 25 lakhs | 18% | 14% |
| 25-50 lakh | 51% | 45% |
| 50-75 lakh | 14% | 16% |
| 75 lakh-1 crore | 7% | 9% |
| 1 crore-2 crores | 8% | 12% |
| Above 2 crores | 2% | 2% |
Registration By Unit Size
The Hyderabad residential market has four districts namely Hyderabad, Medchal-Malkajigiri, Rangareddy, and Sangareddy. Covers home sales related to the primary and secondary real estate markets. At the district level, Ranga Reddy and Medchal-Malkazgiri topped the list with 43% of registrations in February 2024. Hyderabad district accounted for 13% of the total registrations in February 2024.
| Unit size in sq ft | February 2023 | February 2024 |
| 0-500 | 2% | 2% |
| 500-1,000 | 18% | 14% |
| 1,000-2,000 | 70% | 71% |
| 2000-3000 | 8% | 10% |
| Above 3000 | 2% | 3% |
District Wise Transactions
Beyond the concentration of bulk transactions, home buyers bought expensive properties. They offer better facilities and amenities. Some of these deals involved acquisitions in markets like Ranga Reddy and Hyderabad. The properties here are more than 3,000 square feet in size. Their value is Rs. 4.2 crores. High-value houses were bought in Banjarahills, Somajiguda in central Hyderabad, and Puppalaguda in the west.
| District | Average Transaction price (Rs per sq ft) | February 2024 (YoY change) |
| Hyderabad | 4,478 | 2% |
| Medchal-Malkajgiri | 3,449 | 15% |
| Rangareddy | 4,551 | 5% |
| Total Market | 4,113 | 100% |
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “Residential demand is its strongest driver. February 2024 saw a significant increase in demand for premium housing. Prices have steadily increased since the launch of Corona.
Homebuyers tend to gravitate toward higher-value properties. At the same time, developers are actively aligning themselves with evolving market dynamics. Demonstrates flexibility and responsiveness to meet the discerning preferences of buyers.
Analyzing launch trends in the Hyderabad real estate market is crucial. Given the preference of home buyers, there is a noticeable bias in development activity towards 3-bedroom units (3-BHK). Hyderabad developers are giving special priority to spacious residences. This strategic priority aligns seamlessly with the evolving tastes of homebuyers.
Conclusion
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