As per the latest report from Knight Frank India, Hyderabad has recorded registrations of 6,185 residential properties in September 2023, observing a rise of 30% year-on-year (YoY). The total value of properties registered during the month stood at Rs 3,378 crore (Cr) which too has increased by 42% YoY indicating a movement towards sale of more expensive homes.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Hyderabad Property Rates
In September 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 – 50 lakhs, accounting for 51% of the total registrations.
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Properties priced below Rs 25 lakhs constituted 15% of the total registration. The share of sales registrations for properties with ticket-sizes of Rs 1 crore and above was 9% in September 2023, higher as compared with 8% in September 2022.
Registered properties in September 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 71% of registrations. There was a moderation in demand for smaller homes (500 -1,000 sq ft), with registrations for this category falling to 14% during September 2023 from 16% in September 2022. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 11% during September 2023 from 9% in September 2022.
Hyderabad Property Rates Area Wise
According to the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 45% of home sales registrations, while Rangareddy district closely follows with 41% of sales registrations. In contrast, Hyderabad district accounted for 14% of the total registrations in September 2023.
During August 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 6.4%. Among the districts, Hyderabad saw the sharpest price increase, at 14% YoY followed by Medchal-Malkajgiri and Rangareddy at 5% and 3% respectively.
Residential sales in Hyderabad during September 2023 were mainly within properties sized 1,000-2,000 sq ft whereas the price range of Rs 25 – 50 lakhs, accounted for the highest registrations. However, beyond the concentration of bulk transactions homebuyers also bought plush properties, which are bigger in size and offer better facilities and amenities.
Some of these deals have happened in markets like Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs 5 crores.
According to the report, in the context of demand analysis, it is noteworthy to examine the launch trends in the Hyderabad real estate market. In line with the homebuyer preferences in the market, development activity has also been significantly biassed toward 3 BHKs with 2BHK units following suit.
Developers in Hyderabad have notably prioritised the introduction of 3BHK units, indicating a clear inclination towards larger residences, with 2BHK units following suit. This strategic focus appears to resonate with the changing preferences of homebuyers who are increasingly seeking more extensive living spaces, likely to accommodate growing families, while also accommodating those with smaller households or those prioritising affordability who opt for 2BHK units.
Shishir Baijal, chairman and MD, Knight Frank India, said, “The Hyderabad housing market is currently undergoing a notable upswing, primarily driven by a surge in demand within the city. Notably, this demand is centred around the desire for improved residential environments that offer contemporary housing communities with a wide range of amenities.”
“In tandem, the RBI has made a judicious decision to maintain stable interest rates since April 2023. This, coupled with the resilient state of the Indian economy, despite global uncertainties, has significantly enhanced the confidence of potential homebuyers. This optimistic market sentiment is unmistakably reflected in the escalating number of property developments. Developers are deftly adapting to cater to the evolving preferences of their discerning clientele,” Baijal added.
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