Hyderabad witnesses marginal drop in home registrations in August
The report documents that the number of registrations stood at 6,439, marginally dropped by 1 per cent YoY, compared to 6,493 last August.
Hyderabad: This year August, Hyderabad registered a marginal drop in the number of registrations of homes compared to last August.
According to the latest assessment released by Knight Frank India on Friday, the city did register homes sales worth Rs.4,043 crore during August 2024 reflecting a 17 per cent year-on-year (YoY) increase.
However, the report documents that the number of registrations stood at 6,439, marginally dropped by 1 per cent YoY, compared to 6,493 last August.
The Knight Frank report said since January 2024, the city has registered a total of 54,483 homes, showing an 18 per cent rise compared to the same period last year. Similarly, the value of properties registered from January to August 2024 was recorded at Rs.33,641 crores, marking a 41 per cent YoY increase.
The Hyderabad residential market encompasses four districts, – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.
In August 2024, properties priced under Rs. 50 lakh made up the largest share of registrations in Hyderabad, though this segment’s share dropped from 67 per cent in August 2023 to 59 per cent this August.
Meanwhile, the sales of homes priced at Rs. 1 crore and above saw a significant rise, growing from 9 per cent to 15 per cent during the same period.
In terms of registration split by unit size, most registered properties in Hyderabad last month were concentrated in the range of 1,000 to 2,000 square feet (sq ft) comprising 69 per cent of all registrations.
There was a decrease in demand for smaller homes (below 1,000 sq ft) with registrations dropping to 17 per cent in August 2024 from 19 per cent in August 2023. Conversely, demand for larger properties (over 2,000 sq ft) increased with registrations rising to 14 per cent from 11 per cent in the same period.
At a district-level, Rangareddy led property registrations with 42 per cent of the market, up from 39 per cent in August 2023. Medchal-Malkajgiri and Hyderabad district accounted for 41 per cent and 17 per cent of the total registrations respectively.
Knight Frank said an in-depth analysis of Hyderabad’s real estate market in August 2024 reveals notable trends in apartment launches. The demand for 3BHK units has grown from 56 per cent in August 2023 to 64 per cent in August 2024, while the launch of 2BHK units dropped from 25 per cent to 20 per cent YoY.
The demand for larger configurations homes like 4BHK and 5BHK has slightly decreased, while smaller units such as 1BHK and 2.5BHK have remained relatively stable.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Hyderabad’s residential market is flourishing, particularly in the luxury segment, as more homebuyers seek spacious layouts and premium amenities.”
