Hyderabad records 26% YoY growth in property registrations in July 2023
Hyderabad recorded registrations of 5,557 residential properties in July 2023, notching up a rise of 26% year-on-year (y-o-y) with total value of the registered properties during the month at Rs 2,878 crore, up 35% y-o-y. In July 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 – 50 lakh, accounting for 52% of the total registrations. Properties priced below Rs 25 lakh constituted 18% of the total registration.
The share of sales registrations for properties with ticketsizes of Rs 1 crore and above was 9% in July 2023, slightly higher as compared with July 2022. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The demand for properties in July 2023 was largely concentrated in the 1,000-2,000 square feet range, with this size category accounting for 67% of registrations.
There was also an increase in demand for smaller homes in the range of 500-1,000 square feet, with registrations for this category rising to 18% during July 2023 from 17% in July 2022. Properties larger than 2,000 square feet also saw an increase in demand, with registrations rising to 11% during July 2023 from 9% in July 2022. Samson Arthur, Senior Branch Director, Knight Frank India said, “The residential market in Hyderabad continues to be upbeat, with the majority of demand for homes sized between 1000 and 2000 square feet.
RBI's decision to maintain interest rates since April 2023 has also boosted buyer sentiment. The need to upgrade to apartments with more space and modern amenities has been a major driver of the Hyderabad residential market”. At the district level, the study shows Medchal-Malkajgiri district recorded 46% of
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