HYDERABAD: Hyderabad saw 26,027 property registrations in the first four months of 2024, with a total value of Rs 16,190 crore. This represents a 15% year-on-year (YoY) increase in the number of registrations and a 40% YoY increase in the total value compared to the same period last year, as per the latest assessment from Knight Frank India.
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The surge in 2024 registrations has been driven by higher-value homes, especially those priced at Rs 1 crore and above, which saw a 92% YoY increase. Mid-segment homes, costing between Rs 50 lakh and Rs 1 crore, also saw a 47% YoY rise.
Overall, the value of registered homes in all categories has increased, indicating a shift towards more expensive properties. For April 2024, the total residential property registrations reached 6,578 units, marking a 46% YoY increase, with the value of these properties recorded at Rs 4,260 crore, showing a significant 86% YoY rise.
The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.
In Hyderabad, there’s a noticeable trend towards higher-value homes, reflecting in the increasing registrations of properties priced above Rs 50 lakh. Upon examination, homes valued below Rs 50 lakh experienced a 4% YoY decline in registrations. However, registrations for homes priced over Rs 1 crore surged by 92%, although from a comparatively lower base.
Notably, in the category of homes priced at Rs 50 lakh and below, which saw a 4% YoY decline in registrations on a year-to-date (YTD) assessment, there was a 17% YoY increase in value during the same period. This suggests that even within the affordable housing category, there’s a preference for more expensive properties. Furthermore, the value of homes priced above Rs 1 crore escalated by 135% YoY according to a YTD assessment.
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In April 2024, the majority of registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 sq.ft for apartments, comprising 70% of all registrations. There was a decrease in demand for smaller homes (below 1,000 sq.ft), with registrations for this category declining to 16% in April 2024 from 20% in April 2023.
Conversely, there was an increase in demand for larger properties exceeding 2,000 sq.ft, with registrations rising to 15% in April 2024 from 10% in April 2023. At a district-level, Rangareddy emerged as the leading contributor to registrations in April 2024, capturing 45% of the market, a sharp increase as compared with the 39% recorded in April 2023. Medchal-Malkajgiri and Hyderabad district accounted for 39% and 16% respectively of the total registrations.
15% YoY increase recorded in 2024
With a total value of Rs 16,190 crore, a significant 15% year-on-year (YoY) increase has been recorded in the number of registrations and a 40% YoY increase in the total value compared to the same period last year
