Hyderabad Real Estate Booms: 26% Rise in Property Registrations
Hyderabad: The real estate sector in Hyderabad has experienced a remarkable surge, with property registrations in July 2023 witnessing a significant increase of 26 percent compared to the same period last year. According to the latest report from Knight Frank India, a total of 5,557 residential properties were registered across the city, accompanied by a noteworthy 35 percent year-on-year surge in the overall value of these properties, totaling Rs 2,878 crore.
These positive market trends also reflect a shift in the preferences of homebuyers. The analysis reveals that 52 percent of the properties registered in July fell within the price range of Rs 25 – 50 lakh, while the segment with the highest registration share shifted to homes spanning 1,000 – 2,000 sq ft, constituting 67 percent of all registrations.
This data demonstrates the market's resilience as it rebounded sharply in 2023 after a dip in 2022.
There was a slight uptick in the demand for compact homes (500-1,000 sq ft), accounting for 18 percent of registrations. On the other hand, registrations for larger properties exceeding 2,000 sq ft also displayed growth, rising to 11 percent in July 2023 from 9 percent in July 2022.
Breaking down the trends by district, the Medchal-Malkajgiri district emerged as a leader with 46 percent of total home sales registrations, followed by Rangareddy district with 37 percent, and Hyderabad district with 17 percent of the total registrations in July 2023.
The report also highlights that beyond the bulk transactions within the 1,000-2,000 sq ft range and the Rs 25 – 50 lakh price bracket, some buyers pursued luxury properties. These exclusive deals often involved expensive homes exceeding 3,000 sq ft and valued at over Rs 5 crores.
Commenting on the situation, Samson Arthur, Senior Branch Director at Knight Frank India, noted, “The residential market in Hyderabad remains positive, with a significant demand for homes ranging between 1000 and 2000 square feet.”