In December 2022, Hyderabad recorded 6,311 residential property registrations, a 2.4% increase month on month (MoM). According to Knight Frank India’s most recent assessment, the total value of properties registered in December 2022 was Rs 3,176 crore.
Since the start of the year, the city has recorded registrations of 68,519 residential units with a total worth of Rs 33,605 crores compared to registrations of 83,959 residential units amounting to Rs 37,232 seen in the similar period last year. Hyderabad’s residential market is divided into four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.
According to the Knight Frank India assessment, residential units priced between Rs 25 lakh and Rs 50 lakh accounted for 54% of the total registrations in December 2022, which was an increase from a share of 36% in December 2021.
However, the demand in the less than Rs 25 lakhs ticket-size weakened, with its share constituting a mere 17% compared to 40% a year ago. Greater demand for larger ticket-size homes persisted, with the cumulative share of sales registrations for properties with ticket-sizes of Rs 50 lakhs and above increasing to 29% in December 2022 from 24% in December 2021.
In December 2022, the share of registrations in the unit category of properties sized 500 sft to 1,000 sft increased to 20% from 18% in December 2021, while properties sized 1,000 sft or higher saw a drop in share from 73% in December 2021 to 70% in December 2022, Knight Frank India said in its report.
According to the study, home sales registrations in the Medchal-Malkajgiri district were 42%, followed by 36% in the Rangareddy district. In December 2022, the Hyderabad district accounted for 16% of total registrations.
In December 2022, the weighted average price of transacted residential properties increased by 16% year on year. Sangareddy district saw the steepest YoY increase of 30% in December 2022, indicating that more higher-value homes were sold in this area during this time period. In recent years, the Hyderabad market has experienced rapid price growth. The assessment stated that higher-value property would be sold in December 2022.
ALSO READ: Hyderabad may experience unseasonal rains
Hyderabad: Microsoft announces three more data centres
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Hyderabad residential market is rather unique as it has time and again demonstrated resilience. Residential sales have grown during the last few years at a significant pace in Hyderabad despite lack of any special concessions (unlike in Mumbai, Pune, Bengaluru or Kolkata) like stamp duty rebates.”
With the city’s economic fundamentals strengthening as a result of the city’s continuous rise in the IT/IteS sector, the trends are being mirrored by the residential market, which has seen increased demand in recent years. “A greater influx of working population has significantly propelled residential demand further supported by economic growth, financial stability, and affordable pricing. This demand trend will continue in the forthcoming year as the city’s economic growth is expected to remain on course,” he added.
Samson Arthur, Senior Branch Director, Knight Frank India said, “Hyderabad continued to experience demand backed by its expanding socioeconomic environment, state-of-the-art infrastructure, and business-friendly governance despite the impact of rising interest rates and worries of inflation. The rise in sales of high-value home through the year clearly illustrates the city’s positive outlook.”
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the text’s dependability, trustworthiness, reliability, and data. 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.)
