Hyderabad recorded registrations of 5,877 residential properties in May 2023, up 31 percent month-on-month (MoM). The total value of properties registered during the month stood at Rs 2,994 crore, according to a report by Knight Frank.
In May 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25-50 lakh, accounting for 55 percent of the total registrations, according to the report.
Registrations for properties priced below Rs 25 lakhs constituted 17 percent of the total. Additionally, the share of sales registrations for properties with ticket sizes of Rs 1 crore and above increased to 9 percent in May 2023, compared to 6 percent in May 2022.
"The residential sales in Hyderabad during May 2023 were mainly within properties sized 1,000-2,000 sq ft whilst 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," the report added.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
At the district level, the study shows Medchal-Malkajgiri district recorded 45 percent of home sales registrations, followed by sales registrations in the Rangareddy district at 39 percent. The share of Hyderabad district in total registrations was 16 percent during May 2023.
During May 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 3 percent. Among the districts, Hyderabad recorded the highest price rise at 8 percent YoY, suggesting a larger volume of higher-value homes sold in that area during the period. Additionally, the Medchal-Malkajgiri market also experienced price growth of 4 percent in May 2023.
"The Hyderabad residential market remains sanguine reflecting the strong appetite of home buyers considering most of the demand has come for homes ranging within 1,000-2,000 sq ft. Pause by the RBI with respect to increase in the interest rates has also buoyed the sentiments of home buyers to undertake home buying in high value homes with more space and amenities," added Samson Arthur, Senior Branch Director, Knight Frank India.