Hyderabad saw a significant increase in residential property registrations in December 2023, with a total of 7,254 registrations and a combined value of Rs. 4,191 crore.
This represents a stunning 32% year-on-year (YoY) growth and a considerable 12% month-on-month (MoM) increase. According to a survey from Knight Frank India, December had the highest monthly registrations of the year.
Analyzing the overall performance for the year, the report reveals that 71,912 residential properties were registered in 2023, representing a 5% increase year on year. The Hyderabad residential market, which encompasses districts like Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, comprises both primary and secondary real estate markets.
In December 2023, a district-by-district analysis revealed that Medchal-Malkajgiri and Rangareddy were the biggest contributors, accounting for 45% and 40% of overall registrations respectively. The Hyderabad district accounted for 14% of all registrations within the same time period.
Breaking down the registrations in December 2023, homes priced between Rs. 25 and 50 lakh formed the largest category at 47%, while those priced below Rs. 25 lakh constituted 15% of overall registrations, indicating a fall in market share.
Registrations for homes priced between Rs 75 lakh and Rs 1 crore rose from 7% in December 2022 to 9% in December 2023. The proportion of registrations for properties costing Rs. 1 crore or more also grew, reaching 12% in December 2023 from 9% in December 2022.
71% of registered properties in December 2023 fell between 1,000 and 2,000 square feet, demonstrating a high preference for this size group.
Demand for smaller dwellings (less than 1,000 square feet) fell to 16%, from 19% in December 2022. In contrast, demand for properties larger than 2,000 square feet increased, with registrations up to 12% in December 2023 from 11% in December 2022. The increase in property registrations demonstrates the positive trend in Hyderabad’s real estate sector.
ALSO READ :Telangana Congress Gears Up for Intensive Lok Sabha Campaign
(This story is sourced from a third-party syndicated feed. Raavi Media takes no responsibility or liability of any nature. Raavi Media management/ythisnews.com can alter or delete the content without notice for any reason.)
