Hyderabad: Hyderabad recorded registrations of 5,181 units of residential properties in August 2022, up by 20 per cent Month on Month (MoM), Knight FranK India said in its latest assessment report released on Wednesday.
Demand and registrations returned in August 2022 after witnessing a decline in the previous month on account of Asadha Masam, considered less auspicious for new embarkments, the report said.
The total value of properties transacted in August 2022 stood at INR 2,658 crore, also registering a growth of 26 percent MoM.
Since the beginning of the year, the city has observed sales of 46,078 residential units with a total worth of INR 22,680 Crore.
The Hyderabad residential market includes four districts — Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Residential units in the price band of INR 2.5 – 5 Mn (INR 25 – 50 lakhs) constituted 55 percent of the total sales in August 2022, which is an increase from a share of 37 percent in August last year, it said.
Demand in the less than INR 2.5 Mn (INR 25 Lakhs) ticket-size however weakened with its share constituting 16 percent compared to 35 percent a year ago.
Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of INR 5 Mn and above ( > INR 50 lakhs) increased to 29 percent in August 2022 from 28 per cent in August, 2021.
The segment of sales in unit-sizes over 1,000 sq ft maintained its share at an approximate 83% of all home sales registrations in August 2022. Homes in the size of 1,000 – 2,000 sq. ft. were 72 percent of all sales registered during the period. The trend that was set during the pandemic by the consumers to upgrade their property and move into larger living quarters, continued to hold strong in August 2022 as well.
A district level, the study indicated that home sales registrations in the Medchal-Malkajgiri district was recorded at 44 percent followed by Rangareddy district at 38 percent.
The share of Hyderabad district in total registrations was recorded at 14 percent in last month.
The weighted average prices of transacted residential properties as per the registration data has grown by 9 percent YoY in August 2022 while Sangareddy district saw the steepest rise of 38 per cent YoY in last month indicating more higher value homes were sold in this location during this period.
Price growth in the Hyderabad market has been strong in recent times.
With higher value property being sold in August 2022; the weighted average price has shown an uptrend in all micros – markets of Hyderabad, the report added.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, August 2022 witnessed an increase of 20 percent MoM in both residential registrations as well as state earnings from home registrations, while observing a reduction of 36 percent on YoY basis.
Despite the impact of external factors including an increase in interest rates and price, the Hyderabad residential market continues to experience robust demand trends.