Registration of residential properties in Hyderabad fell by 3 percent in February compared to last year, according to a real estate consultancy.
Hyderabad recorded registrations of 5,274 residential properties in February 2023. The total value of these properties stood at Rs 2,816 crore, a report by Knight Frank said.
The registration of home sales eased in February by 3 percent year-on-year (YoY), while registration revenue collection decreased by 1 percent over the same time period, it said.
At the district level, registration of home sales in the Medchal-Malkajgiri district was recorded at 43 percent, followed by Rangareddy district at 39 percent.
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The report noted that registration of residential units in the Rs 25-50 lakh bracket remained the highest, constituting 51 percent of the total registrations in February 2023.
The share of demand in the Rs 25-lakh ticket size was 18 percent, while the cumulative share of sales registrations for properties with ticket sizes greater than Rs 1 crore increased to 10 percent in February 2023 from 8 percent in February 2022.
The share of registration of properties of size between 500 square feet (sq ft) and 1,000 sq ft increased to 18 percent in February 2023, up from 14 percent in February 2022.
While the share of properties of size between 1,000 and 2,000 sq ft remained the highest in February 2023, with a total share of 68 percent, it was lower than the 73 percent seen in February 2022.
“The stability in registrations in the Rs 2.5 million (Rs 25 lakh) to Rs 5 million (Rs 50 lakh) category and the increase in high-value property registrations over the previous year is a clear indicator of the city's upbeat outlook," Samson Arthur, Senior Branch Director, Knight Frank India, added.
The residential market includes four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
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