The Hyderabad residential real estate market showed signs of moderation in November 2024, with a 7% year-on-year drop in home sales, totaling Rs 3,495 crore. Additionally, residential unit registrations witnessed a 12% decline, falling to 5,516, as per Knight Frank India’s latest report. Despite these downturns, a significant shift toward high-value homes has been observed, with 14% of registered properties priced above Rs 1 crore, indicating a growing preference for luxury living among buyers.
The report also highlighted a change in buyer preferences, as the demand for larger and more premium properties continues to rise. Properties between 1,000 and 2,000 square feet dominated registrations, accounting for 69% of the total transactions. This trend, combined with a 6% increase in the weighted average price of transacted properties, points to increasing confidence among high-end buyers.
The real estate activity, which spans across districts including Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, shows a noticeable shift toward more premium locales. Medchal-Malkajgiri led the way in property registrations with 42%, followed closely by Rangareddy at 41%, and Hyderabad at 17%. Premium locations like Banjara Hills, Jubilee Hills, and Somajiguda took center stage for the top high-value transactions, with deals exceeding 3,000 square feet and valued above Rs 6.3 crore.
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Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the robust demand for high-value homes, stating that it had risen by 3% year-on-year. He attributed this to a growing aspiration for enhanced lifestyles and strong economic fundamentals. Developers are reportedly responding to this demand by introducing upscale projects that cater to the needs of affluent buyers.
However, the report also pointed out a decline in the registration of properties priced under Rs 50 lakh, marking a noticeable premiumisation trend in the market. While 58% of transactions fell within this lower price bracket, it was a decrease from 61% during the same period last year, signaling a shift toward more expensive real estate.
Despite the overall decline in registrations, Hyderabad’s real estate market is evolving, driven by the sustained demand for luxury housing. The rise in the premium segment underscores the city’s growing reputation as a favoured destination for affluent homebuyers looking for spacious and high-end properties.
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