Registered Home sales in Hyderabad up by 34 pc during January- September y-o-y: Knight Frank Report

Hyderabad: Hyderabad reported registered home sales worth Rs 36,461 crore with 59,386 registrations during January- September 2024 recording a 34 percent year-on-year (YoY) increase, said Knight Frank India in its latest research assessment report released on Thursday.

However, in September 2024, sales dropped to Rs 2,820 crore (down 18percent YoY) with 4,903 registrations, a 22 percent decline, the report revealed.

The decline in registrations can be attributed to the observance of the Shradh/Pitra Paksha period (17-09-24 to 02-10-24), a time considered inauspicious for buying or registering homes according to the Hindu calendar. The Hyderabad residential market encompasses four districts, – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.

In Hyderabad, properties priced under Rs 50 lakhs usually dominate registrations. However, it is observed that there has been significant growth in premiumisation trend over the last months.

Sales of homes priced at Rs 1 crore and above increased from 9 to 14 percent during the first 9 months of 2024, reflecting a shift in homebuyer preferences toward higher-value properties, with registrations for homes over Rs 1 crore seeing a notable 79 percent YoY rise during YTD 2024, the report stated.

In September 2024, the majority of the registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet (sq ft) comprising 68 percent of all registrations. Notably, the demand for larger properties (over 2,000 sq ft) increased with registrations rising to 11 percent from 13 percent in the same period.

Medchal-Malkajgiri led property registrations with 42 percent of the market, up from 45 percent in September 2023.

Rangareddy and Hyderabad districts accounted for 39 percent and 19 percent of the total registrations respectively, the report added