Hyderabad sees surge in residential property registrations

Hyderabad Desk

Hyderabad: In February 2024, Hyderabad witnessed a significant rise in residential property registrations, totaling 6,938, marking a substantial 21% increase compared to the previous year and a 27% surge from the previous month, as per Knight Frank India’s latest report.

The total value of registered properties reached Rs 4,247 crore, reflecting a substantial year-on-year increase of 42% and a month-on-month rise of 29%, indicating a trend towards the sale of higher-value homes.

The Hyderabad residential market, covering districts including Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, observed varying shifts in property sales across different price categories.

In February 2024, properties in the price range of Rs 25 – 50 lakh constituted 45% of total registrations, emerging as the largest category. Conversely, properties priced below Rs 25 lakh accounted for only 14% of registrations.

Notably, the share of properties priced at Rs 1 crore and above increased to 14% in February 2024, up from 10% in February 2023, indicating a growing demand for premium homes.

The majority of registrations (71%) were for properties ranging between 1,000 – 2,000 sq ft, while there was a decrease in demand for smaller homes below 1,000 sq ft, and an increase in demand for larger properties exceeding 2,000 sq ft.

Rangareddy and Medchal-Malkajgiri emerged as the top contributors to property registrations in February 2024, each capturing 43% of the total registrations, while Hyderabad district accounted for 13%.

The weighted average price of transacted residential properties saw a significant year-on-year increase of 10%, with Medchal-Malkajgiri experiencing the sharpest rise at 15%, followed by Rangareddy (5%) and Hyderabad (2%).

Also Read