Hyderabad reported 6,938 residential properties in February 2024, 21 percent more compared to last year, according to state registration department data analysed by Knight Frank India.
The total value of properties registered during the month stood at Rs 4,247 crore -- up by 42 percent YoY and 29 percent MoM, indicating a movement towards the sale of higher-value homes.
The weighted average price of transacted residential properties witnessed a sharp YoY increase of 10 percent. Among the districts, Medchal-Malkajgiri experienced the sharpest increase of 15 percent YoY, while Rangareddy and Hyderabad experienced rises of 5 percent and 2 percent YoY, respectively.
In February, 45 percent of properties were in the price category of Rs 25 – 50 lakh making it the single-largest category of property registered in Hyderabad, while properties priced below Rs 25 lakh constituted 14 percent of the total registration shrinking further in its share, Knight Frank said.
Notably, the share of sales registrations for properties costing Rs 1 crore and above has increased to 14 percent in February 2024, as compared with 10 percent in February 2023.
Properties registered were largely concentrated in the range of 1,000-2,000 sq ft, accounting for 71 percent of registrations.
There was a moderation in demand for smaller homes (below 1,000 sq ft), with registrations for this category falling to 16 percent during February 2024 from 20 percent in February 2023.
However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 13 percent during February 2024 from 10 percent in February 2023.
"Residential demand maintains its robust momentum, characterized by a notable surge in demand for premium homes as evidenced in February 2024. Prices have consistently risen since the onset of the pandemic, and February has faithfully adhered to this trend, with homebuyers persistently gravitating towards higher-value properties,” Shishir Baijal, Chairman and Managing Director of Knight Frank India said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
