Hyderabad records 25% YoY growth in property registrations for October 2023: Report
₹3,170 crore (Cr) which too has increased by 41% YoY indicating a movement toward the sale of higher-value homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. In October 2023, the highest proportion of property registrations in Hyderabad was in the price range of ₹25 – 50 lakh, accounting for 50% of the total registrations.
Properties priced below ₹25 lakh constituted 16% of the total registration which has fallen from the 22% share recorded during October 2022. The share of sales registrations for properties with ticket sizes of ₹1 crore and above was 10% in October 2023, higher as compared with 8% in October 2022. Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “The Hyderabad housing market is currently experiencing a significant surge in demand.
This demand is centred on the desire for improved residential environments with apartment complexes that offer a wide range of amenities. Additionally, the Reserve Bank of India’s (RBI) decision to keep the interest rates stable since April 2023 has significantly boosted the confidence of homebuyers. This optimistic market sentiment is clearly reflected in the increasing number of property developments.
Developers are nimbly adapting to meet the evolving needs of their discerning clientele." Registered properties in October 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 69% of registrations. There was a moderation in demand for smaller homes (500 -1,000 sq ft), with registrations for this category falling to 16% during October 2023 from 21% in October 2022. However, properties larger than 2,000 sq ft saw an increase in demand,
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