Residential properties worth Rs 2,695 crore were transacted in Hyderabad’s residential market, which includes four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. In January 2022, the city recorded a total of 5,568 new home registrations.
The third wave of the pandemic resulted in a 27% drop in home registrations in Hyderabad year on year (Y-o-Y) over January 2021. Because of mobility restrictions during the month, regular market operations such as site visits and document registration were hampered. Almost 71% of all homes registered in January cost less than Rs 50 lakh, according to Knight Frank India Data.
ALSO READ: Wakf Board get two blows a day, one in SC and another at Shameerpet
Among the top eight (markets) in India, Hyderabad had the best performing residential market in terms of primary sales in 2021. However, the drop in registration activity caused by mobility restrictions imposed by the third wave of Covid-19 in January of this year has impacted sales in many Indian markets, including Hyderabad.
We expect that sales registration volumes in the market will regain lost ground once normal market operations resume, according to Shishir Baijal, CMD, Knight Frank India, given that other market indicators such as prices continue to rise despite the impact of the pandemic.
Properties priced under Rs 50 lakh.
In comparison to 75% in January 2021, approximately 71% of residential sales registered in January 2022 were for less than Rs 50 lakh ticket size. This is traditionally the segment with the highest number of sales registrations in Hyderabad.
Within the segment, demand for tickets less than Rs 25 lakh remains relatively low, as seen in 2021. In January 2022, sales registrations for all other ticket-size segments remain stable year on year.
Units larger than 1,000 square feet are in high demand.
The mid and high-ticket-size segments saw stable market shares, while sales of all unit sizes measuring over 1,000 sq ft in Hyderabad increased significantly year on year in January 2022. The trend of homebuyers looking to upgrade and move into larger living quarters remained strong in January 2022.
Rangareddy has the most registrations.
Sales in the Rangareddy district fell by 7% Y-o-Y in January 2022, while total sales fell by 27% Y-o-Y across all four districts. In terms of total sales, the district accounted for 48% of residential units registered during the month, up from 38% in 2021.
Residential price stability
Despite the pandemic lows of 2020, prices in Hyderabad remained resilient, rising steadily in 2021. According to registration data, the weighted average transacted price of residential properties increased by 7.8 percent year on year in January 2022 and increased the most in the Medchal-Malkajgiri district by 8.7 percent during the same period.
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the dependability, trustworthiness, reliability, and data of the text. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)
