Hyderabad recorded registrations of 5,274 units of residential properties in February 2023 while the total value of properties registered in month stood at Rs 2,816 crore, a new report said.
In the latest assessment, Knight Frank India noted that the registration of home sales eased in February by 3% YoY, while registration revenue collections slightly decreased by 1% YoY over the same time period.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Registrations in residential units in the price band of Rs 2.5 – 5 million (Rs 25 – 50 lakhs) remained highest constituting 51% of the total registrations in February 2023.
The share of demand in the less than Rs 2.5 million (Rs 25 Lakhs) ticket-size stood at 18% in February 2023, inline compared to same period last year.
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Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of Rs 10 million and above (> Rs 1 crore) increased to 10% in February 2023 from 8% in February 2022.
In February 2023, the share of registrations in properties sized 500 – 1000 square feet increased to 18% compared to 14% observed in February 2022.
While share of properties sized 1,000-2,000 square feet remained highest with a total share of 68% in February 2023, it was lower than the 73% witnessed in February 2022.
Samson Arthur, senior branch director, Knight Frank India, said, “Hyderabad’s residential market continues to be driven by its diversified workforce and changing socio-economic environment despite the rising interest rates. The stability in registrations in the Rs 2.5 million to Rs 5 million category and the increase in high-value property registrations over the previous year is a clear indicator of the city’s upbeat outlook.”
At district level, the study showed that home sales registrations in the Medchal-Malkajgiri district was recorded at 43% followed by Rangareddy district at 39%. The share of Hyderabad district in total registrations was recorded at 15% in February 2023.
The weighted average prices of transacted residential properties have increased by 3% YoY in February 2023.
Sangareddy district saw the steepest rise of 9% YoY in February 2023 indicating more higher value homes were sold in this location during this period. Price growth in the Hyderabad market has been strong in recent times with higher value property being sold in February 2023.
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