Hyderabad’s real estate market soars: Homes worth Rs 4,000 crore sold in March

Hyderabad | Hyderabad saw a significant increase in registrations of high-value homes in March, and properties worth over Rs 4,000 crore were sold during the month, according to Knight Frank India. A total of 6,416 residential properties were registered in March, showing a 12 per cent increase in value compared to the same period last year. Most of the registered houses, about 70 per cent, were of 1,000 to 2,000 sq ft size, while 16 per cent of the properties were priced at more than Rs 1 crore.

According to the report, in terms of price categories, properties ranging from Rs 25 lakh to Rs 50 lakh accounted for 45 per cent of all registrations, making it the most common price category. However, the share of properties priced below Rs 25 lakh in total registrations declined to 14 per cent. On the other hand, the registration share of properties priced at Rs 1 crore and above saw a significant increase, from 10 per cent in March 2023 to 16 per cent in March 2024.

Registrations were mainly for apartments of 1,000 to 2,000 square feet size, which accounted for 70 percent of all registrations. Demand for small homes below 1,000 sq ft declined to 16 per cent in March 2024, while larger properties above 2,000 sq ft saw a rise in demand, accounting for 15 per cent of registrations.

Rangareddy district emerged as the leader in registrations, capturing 46 per cent of the market in March 2024, up from 34 per cent in March 2023. Medchal-Malkajgiri and Hyderabad districts witnessed 40 per cent and 14 per cent registrations respectively. During the same period.

The weighted average price of residential properties transacted in March 2024 witnessed a sharp growth of 12 per cent year-on-year. Among the districts, Medchal-Malkajgiri saw the highest increase in prices at 13 per cent compared to the previous year.

The top five transactions in March 2024 were in Rangareddy district, involving properties of more than 3,000 sq ft in size and priced at more than Rs 5.3 crore.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The residential market in Hyderabad continues to have strong demand, especially for high-end homes. Since the pandemic began, prices have been moving steadily upward, a trend that continued through March, with home buyers increasingly preferring higher priced properties that offer more space and amenities. In response to these changes in the market, developers are showing agility and adaptability, and aligning their offerings with the changing tastes and preferences of discerning buyers.

Apartment launches in Q1 2024 saw a notable trend towards 2-bedroom and 3-bedroom units, reflecting changing consumer demand and developer strategies.

Table: Ticket Size Part of Registration

March 2024:

– <25 लाख: 14% - 25-50 लाख: 45% - 50-75 लाख: 16% - 75 लाख-1 करोड़: 10% - 1 करोड़-2 करोड़: 13% ->2 crore: 3%

– Source: Knight Frank Research, Telangana Registration and Stamps Department

Table: Top 5 transactions of the month

– Rangareddy District:

– Location: Kondapur

– Area limit (square feet): >3,000

– Market Price (INR): 7,30,88,400

– Rangareddy District:

– Location: Kondapur

– Area limit (square feet): >3,000

– Market Price (INR): 6,30,56,400

– Rangareddy District:

– Location: Kondapur

– Area limit (square feet): >3,000

– Market Price (INR): 6,30,56,400

– Rangareddy District:

– Location: Kokapet

– Area limit (square feet): >3,000

– Market Price (INR): 5,86,64,000

– Rangareddy District:

– Location: Kondapur

– Area limit (square feet): >3,000

– Market Price (INR): 5,32,88,400

– Source: Knight Frank Research, Telangana Registration and Stamps Department