Hyderabad Real Estate Market Slows Down Last Year December but Shows Resilience Over the Year
The Hyderabad real estate market ended 2024 on a subdued note, with a significant drop in home sales registrations in December compared to the same period in 2023. According to a report by Knight Frank India, home sales saw a 20% decrease in registrations, while the total transaction value also witnessed a 14% year-on-year (YoY) decline.
December 2024 Performance
In December 2024, the number of registered properties in Hyderabad dropped to 5,805, a stark reduction from 7,254 registrations recorded in December 2023. This represents a 20% decline in property registrations for the month.
The total value of these registered properties stood at ₹3,590 crore, down by 14% from ₹4,191 crore in the same month last year. This decline in registrations and value signifies a temporary slowdown in the market, which is expected during the holiday season, but it does reflect caution in the real estate sector.
Also Read: Hyderabad: Hydra Commissioner Tackles Over 80 Complaints in a Day, Announces Major Survey to End Lake Encroachments
Annual Growth in 2024
Despite the slump in December, Hyderabad’s real estate market performed strongly over the year. Home sales registrations grew by 7% YoY for 2024. The total transaction value for the year saw an impressive 23% increase, indicating a strong overall market performance despite the year-end dip.
Market Segments and Trends
The report covered data from four key districts in the Hyderabad region: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, which together represent the primary and secondary markets.
Property Pricing Trends
In 2024, properties priced below ₹50 lakh remained the dominant category, comprising 60% of total registrations. However, this is a slight dip from 68% in 2023. On the other hand, properties priced above ₹1 crore saw a rise in demand, growing from 10% of the market in 2023 to 14% in 2024. This trend signals a shift toward more premium housing in the city.
Property Sizes
Properties between 1,000 to 2,000 square feet made up 69% of all registrations in 2024, highlighting continued demand for mid-sized homes.
District-Level Performance
Medchal-Malkajgiri led the market with 42% of property registrations, followed closely by Rangareddy with 41%. Hyderabad district accounted for the remaining 17%, reflecting the spread of demand across the region.
Expert Insights
Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized a growing preference for premium properties, noting, “The share of properties priced above ₹50 lakh increased to 40% in 2024, up from 32% in 2023. This reflects an emerging demand for premium housing.”
Despite the December slowdown, the market’s shift towards more expensive and larger homes points to an evolving landscape. Buyers are increasingly inclined toward higher-quality housing, which could shape the future trajectory of Hyderabad’s real estate market.
While December 2024 witnessed a dip in home sales and transaction values, the overall performance of Hyderabad’s real estate market throughout the year shows a positive trend. With increasing interest in premium housing and larger properties, the market appears resilient and adaptable, reflecting changing buyer preferences and economic factors. The focus on premium homes and the expansion of district-level registrations suggest that Hyderabad’s real estate sector is evolving to meet the demands of a growing and diversifying population.
For More Information Stay Connected to MunsifNew24x7.
