Hyderabad recorded a 26% increase in residential property registrations in July 2023 compared to the previous year, according to Knight Frank India. The total value of properties registered during the month also increased by 35% year-on-year to Rs 2,878 crore. The highest proportion of property registrations in Hyderabad was in the price range of Rs 25 to Rs 50 lakh, accounting for 52% of the total registrations. Properties priced below Rs 25 lakh constituted 18% of the total registrations.
The demand for properties in July 2023 was mainly concentrated in the 1,000-2,000 square feet range, accounting for 67% of registrations. There was also an increase in demand for smaller homes (500-1,000 square feet), with registrations for this category rising to 18% during July 2023. Properties larger than 2,000 square feet also saw an increase in demand, with registrations rising to 11%.
Medchal-Malkajgiri district recorded the highest number of home sales registrations at 46%, followed by Rangareddy district at 37%. The share of Hyderabad district in total registrations was 17% in July 2023. The weighted average prices of transacted residential properties witnessed a year-on-year increase of 4.5%.
In addition to properties in the 1,000-2,000 square feet range, there were also transactions for larger and more luxurious properties sized more than 3,000 square feet and valued upwards of Rs 5 crore. The residential market in Hyderabad continues to be upbeat, with most demand for homes sized between 1,000 and 2,000 square feet. The decision by the Reserve Bank of India to maintain interest rates since April 2023 has boosted buyer sentiment. The need for apartments with more space and modern amenities has been a major driver of the Hyderabad residential market.
