Hyderabad recorded registrations of 6,493 residential properties in August 2023, a 15 percent year-on-year and 17 percent month-on-month rise, a September 14 report by property consultancy Knight Frank said.
The total value of properties registered during the month stood at Rs 3,461 crore, up 22 percent over the same month last year.
“The housing market in Hyderabad is on a significant upswing, driven by a rising demand for improved living spaces, particularly in modern complexes equipped with numerous amenities. Additionally, the RBI's (Reserve Bank of India) decision to keep interest rates steady since April 2023 has further boosted buyer confidence," said Shishir Baijal, chairman and managing director, Knight Frank India.
Affordable housing gets a boost
The report said that in August, the highest proportion of property registrations in the city was in the price range of Rs 25-50 lakh, accounting for 52 percent of the total.
Properties priced below Rs 25 lakh constituted 16 percent of the total registration. The share of sales registrations for properties with ticket sizes of Rs 1 crore and above was 9 percent in July 2023, higher compared with 8 percent in July 2022.
The demand for properties in August 2023 was largely concentrated in the range of 1,000-2,000 sq ft, with this category accounting for 70 percent of registrations.
There was also an increase in demand for smaller homes (500-1,000 sq ft), with registrations for this category rising to 16 percent of total registrations in August 2023 from 15 percent a year earlier.
Properties larger than 2,000 sq ft also saw an increase in demand, with registrations in this segment rising to 11 percent of the total in August from 9 percent in August 2022.
Residential sales in Hyderabad during August 2023 were seen in properties sized 1,000-2,000 sq ft whereas the price range of Rs 25-50 lakh accounted for the highest number of registrations.
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