Hyderabad Residential Property Market on Upsurge
Torbit Realty- May 24, 2024
The dominant national trend of premium &? luxury homes driving residential sales has contributed significantly to the surge in the residential property market in Hyderabad.
According to a latest? Knight Frank India report, Hyderabad saw 26,027 property registrations in the first four months of 2024, with a total value of INR 16,190 crores . This represents a 15 percent? year-on-year (YoY) increase in the number of registrations and a 40 percent? YoY increase in the total value compared to the same period last year. The surge in 2024 registrations has been driven by higher-value homes, especially those priced at INR 1 crore and above, which saw a 92 percent? YoY increase. Mid-segment homes, costing between INR 50 lakhs and INR 1 crore, also saw a 47 percent YoY rise. Overall, the value of registered homes in all categories has increased, indicating a shift towards more expensive properties.
For April 2024, the total residential property registrations reached 6,578 units, marking a 46 percent YoY increase, with the value of these properties recorded at INR 4,260 cr, also showing a significant 86 percent? YoY rise. The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.??
n Hyderabad, there’s a noticeable trend towards higher-value homes, reflected in the increasing registrations of properties priced above INR 50 Lakhs. Upon examination, homes valued below INR 50 lakhs experienced a 4 percent year-on-year (YoY) decline in registrations. However, registrations for homes priced over INR 1 Cr surged by 92 percent, although from a comparatively lower base. What is particularly striking is the overall uptick in registration values across all segments. Notably, in the category of homes priced at INR 50 lakhs and below, which saw a 4 percent YoY decline in registrations on a year-to-date (YTD) assessment, there was a 17 percent YoY increase in value during the same period. This suggests that even within the affordable housing category, there’s a preference for more expensive properties. Furthermore, the value of homes priced above INR 1 Cr escalated by 135 percent YoY according to a YTD assessment.
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Source: Knight Frank Research, Telangana Registration and Stamps Department
?According to Shishir Baijal , Chairman? and Managing Director, Knight Frank India , the residential market in Hyderabad, like numerous other locations across India, is experiencing a noticeable shift towards high-end homes offering expansive spaces and premium amenities. Homebuyers consistently exhibited a preference for properties of higher value and in response to these evolving market dynamics, developers are demonstrating agility and adaptability, aligning their offerings with the changing demands of buyers.?
In April 2024, the majority of registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet for apartments, comprising 70 percent? of all registrations. There was a decrease in demand for smaller homes (below 1,000 square feet), with registrations for this category declining to 16 percent in April 2024 from 20 percent in April 2023. Conversely, there was an increase in demand for larger properties exceeding 2,000 square feet, with registrations rising to 15 percent in April 2024 from 10 percent in April 2023.?
View Knight Frank India's full report on Torbit Realty: https://bit.ly/4e5PP7u