Hyderabad: The Hyderabad real estate market has faced significant challenges in 2024, with property registrations struggling to gain momentum.
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According to the latest Knight Frank Research and data from Telangana’s Registration and Stamps Department, property transactions have shown mixed trends throughout the year, reflecting both opportunities and constraints for buyers and developers.
Also Read: Hyderabad Real Estate Faces Slowdown in 2024 as Unit Sales Dip: A Comparative Analysis
Property Registration Trends
- October 2024 saw 5,894 property registrations, a modest 2% year-on-year (YoY) increase.
- The total registration value for October reached ₹3,617 crore, reflecting a 14% YoY growth.
- September 2024 witnessed a steep 22% YoY decline in registrations compared to September 2023.
Changing Buyer Preferences
- Homes priced over ₹1 crore recorded a significant 36% YoY rise in registrations, signaling a shift towards luxury housing.
- Properties under ₹50 lakh accounted for 59% of total sales, a drop from 66% in October 2023.
- Larger homes (over 2,000 sq. ft.) grew in demand, representing 12% of registrations in October, up from 10% last year.
District-Wise Performance
- Rangareddy and Medchal-Malkajgiri districts dominated transactions, contributing 85% of total property registrations.
- The Hyderabad district, which includes prime locations like Banjara Hills and Jubilee Hills, accounted for just 16%.
Rising Property Prices
- Hyderabad witnessed a 7% YoY increase in average property prices in October 2024.
- Sangareddy led the surge with a 13% hike, followed by Medchal-Malkajgiri (8%) and Rangareddy (6%).
Year-to-Date Registration Overview
Hyderabad’s property registration figures fluctuated throughout 2024. Key months such as February, April, and July saw robust growth compared to 2023, while September showed significant declines.
| Month | 2023 Registrations | 2024 Registrations |
|---|---|---|
| January | 5,454 | 5,444 |
| February | 5,725 | 7,135 |
| March | 6,959 | 6,870 |
| April | 4,494 | 6,696 |
| July | 5,557 | 8,781 |
Conclusion
Hyderabad’s real estate market is facing a dual challenge of rising property prices and uneven buyer demand. While luxury properties continue to attract attention, affordable housing has seen a marked decline, highlighting the need for balanced growth strategies.
For more updates on Hyderabad’s property market trends, stay tuned.
