Hyderabad sees 1% decline in residential registrations: Knight Frank | News – Business standard

According to Knight Frank, the Hyderabad region witnessed a 1 percent annual decline in residential property registrations to 5,411 units in January.

In January 2023, as many as 5,454 properties were registered in the Hyderabad residential market, which covers four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

The data covers transactions in both the primary (first sale) and secondary (resale) markets.

According to data compiled by real estate consultant Knight Frank India, the total value of properties registered in January stood at Rs 3,279 crore, which is up 24 per cent year-on-year, indicating a move towards sales of higher value homes.

In January 2024, 47 percent of property registrations were in the price range of Rs 25-50 lakhs.

Properties priced below Rs 25 lakh constituted 15 percent of the total registration numbers.

The consultant highlighted that the share of sale registrations for properties costing Rs 1 crore and above has increased to 14 per cent in January 2024, compared to 8 per cent in January 2023.

Properties registered in January 2024 were largely concentrated between 1,000 and 2,000 square meters, accounting for 71 percent of registrations.

There was a moderation in demand for smaller homes (less than 1,000 square meters), with registrations for this category falling from 19 percent in January 2023 to 16 percent in January 2024.

However, for properties larger than 2,000 square meters, demand increased, with registrations increasing to 13 percent in January 2024 from 9 percent in January 2023.

At the district level, Rangareddy emerged as the largest contributor to registrations in January 2024, with a share of 43 percent of the total market share.

Medchal-Malkajgiri came second with a share of 42 percent.

Hyderabad district accounted for 15 percent of the total registrations in January 2024.

In January 2024, the weighted average prices of traded homes showed a sharp annual increase of 14 percent.

Among the districts, Rangareddy saw the sharpest increase of 12 percent year-on-year (year-on-year), while Hyderabad and Medchal-Malkajgiri saw an increase of 11 percent and 5 percent year-on-year, respectively.

“Hyderabad’s residential market showed a promising start to 2024, marked by steady real estate registration momentum and a notable increase in demand for high-quality housing in January,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

This is reflected not only in the rise in price levels, but also in the ambitious drive of homebuyers to upgrade to higher value properties, he said.

“Developers are also actively keeping pace with these trends and demonstrating their ability to adapt to the changing preferences of discerning buyers,” Baijal said.

First print: February 17, 2024 | 11:34 am IST