A whopping Rs.2,841 crore worth of residential properties were transacted in Hyderabad this June despite the market taking a short break after a steady upswing from last year.
Based on Knight Frank India’s latest market report, the city witnessed registrations of 5,408 residential properties this June, although sales registrations had declined by 25 percent.
According to the report, Hyderabad’s overall outlook remains positive despite a decline in sales in June, as 17,074 properties were registered in the second quarter of this fiscal (April-June), up 9.1 percent from the same period last year.
Despite a lesser number of homes being registered in June, the average value of homes registered in June was higher than in the corresponding period last year, with the total value of properties transacted in Q2 2022 at Rs.8,685 crore, which was a 25 percent increase YoY.
The share of residential sales in the price range of Rs.2.5 – 5 Mn (Rs.25 – 50 lakh) increased from 35 percent in June 2021 to 53 percent in June 2022. Compared to June 2021, the cumulative share of sales registrations for properties with ticket sizes of Rs.5 Mn (Rs.50 lakh) and above has increased to 32 percent from 25 percent.
Approximately 82 percent of all home sales registrations in June were for units over 1,000 square feet. During the period, 71% of all sales were for homes between 1,000 and 2,000 square feet. In June, homebuyers’ desire to upgrade and move into larger living quarters, sparked by the pandemic, remained strong.
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Rangareddy accounted for 44 percent of home sales registrations, followed by Medchal-Malkajgiri at 39 percent. In June, Hyderabad district accounted for 13 percent of total registrations.
As a result of a strong demand trend in Q2 2022, Hyderabad had one of the best demand trends in June 2022, beating external factors such as a global economic slump and inflation, according to Shishir Baijal, chairman and managing director of Knight Frank India. The home loan rates in Hyderabad have also risen, but the city remains affordable.
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