Introduction
Let’s delve into the Hyderabad residential property market trends for January 2024. According to the latest Knight Frank India report, residential property registrations in Hyderabad declined marginally by 1% year-on-year (YoY) In January.
Table of Contents
- Hyderabad Real-Estate
- Significant Increase to 14% in January 2024
- Registration Declined by 1% in January
Hyderabad Real-Estate: According to the latest Knight Frank India report, residential property registrations in Hyderabad declined marginally by 1% year-on-year (YoY) in the month of January. The total value of assets recorded in the month of January was Rs. 3,279 crore, up 24% year-on-year, indicating a shift towards higher-value housing sales.
Hyderabad Real-Estate
According to the report, registered properties in January 2024 are mostly concentrated in the 1,000-2,000 sq ft range. 71% of registrations. There is a moderation in demand for smaller homes (less than 1,000 square feet).
Registrations in this category fell from 19% in January 2023 to 16% in January 2024. However, demand for properties above 2,000 square feet has increased. Registrations increased from 9% in January 2023 to 13% in January 2024.
Significant Increase to 14% in January 2024
In January 2024, 47% of properties in the price range of Rs. 25–50 lakhs were the single largest category of property registrations in Hyderabad, while properties priced below Rs. 25 lakhs constituted 15% of the total registration, shrinking further its share. Notably, the share of sales and registrations for properties costing Rs. 1 crore and above has increased significantly to 14% in January 2024, as compared to 8% in January 2023.
Registration Declined by 1% in January
According to the latest Knight Frank India report, residential property registrations in Hyderabad declined marginally by 1% year-on-year (YoY) in January. The total value of assets registered in January was Rs. 3,279 crores, up 24% year-on-year, indicating a move towards higher-value housing sales.
Property Price Categories
47% of assets cost Rs. 25–50 lakhs, making it the largest category of property registrations in Hyderabad. Properties priced below 25 lakhs constitute 15% of the total registrations; their share has further declined. Especially the share of registrations of sales of appreciating assets. 1 crore and above increased significantly to 14% in January 2024, compared to 8% in January 2023.
Property Sizes
71% of registrations are concentrated in the 1,000–2,000 square feet range. Demand for smaller homes (less than 1,000 square feet) decreased as registrations fell from 19% in January 2023 to 16% in January 2024. Demand for properties larger than 2,000 square feet increased, with registrations increasing from 9% in January 2023 to 13% in January 2024.
District Level Trends
Ranga Reddy topped the registrations in January 2024, capturing 43% of the total. Medchal and former leader Malkajigiri came in second with 42 percent. Hyderabad district accounted for 15% of the total registrations in January 2024.
Price Trends
Average prices of transacted residential properties increased by 14% year-on-year. In the districts, Ranga Reddy recorded the highest increase of 12%. Medchal-Malkazigiri grew by 11% and 5% year-on-year, respectively.
High Value Houses
Buyers have also purchased more expensive properties, which are larger in size and offer better facilities and amenities. Deals for properties above 3,000 square feet in size and valued at Rs. Markets like Banjara hills, Somaj Guda, PuppalaGuda, and Narsingi recorded Rs.4.2 crores.
Conclusion
The Hyderabad, residential market covers four districts. Hyderabad, Medchal-Malkazgiri, Rangareddy, and Sangareddy are home sales for primary and secondary real estate markets. The journey to finding or selling a home is a significant milestone, and we’re honored to be a part of yours. For more information, visit our Openplot. Welcome to a world where your ideal home is just a click away!