April 22, 2024: As per the latest report from Knight Frank India, 6,416 residential properties were registered in Hyderabad in March 2024 noting a decline of 8% year-on-year (YoY) on account of a high base. The total value of properties registered during the month stood at Rs 4,039 crore, which was higher by 12% YoY indicating a movement towards sale of higher value homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy and covers home sales pertinent to the primary and secondary real estate markets.
| Property registrations in Hyderabad | ||||||||
| 2023 | 2024 | YoY | MoM | 2023 | 2024 | YoY | MoM | |
| Volume split (No of units) | Registration value split (Rs cr) | |||||||
| January | 5,454 | 5,444 | 0% | -25% | 2,650 | 3,293 | 24% | -21% |
| February | 5,725 | 7,135 | 25% | 31% | 2,987 | 4,362 | 46% | 32% |
| March | 6,959 | 6,416 | -8% | -10% | 3,602 | 4,039 | 12% | -7% |
In March 2024, properties in the price range of Rs 25–50 lakh accounted for 45% of all registrations in Hyderabad, making it the most common price category. Properties priced below Rs 25 lakh, however, declined in its share making up 14% of the total registrations However, the proportion of sales registrations for properties priced at Rs 1 crore and above rose to 16% in March 2024, a significant increase from 10% in March 2023 also pushing up the weighted average in the city.
| Ticket-size share of registrations | ||
| Ticket size | March 2023 | March 2024 |
| Under Rs 25 lakh | 18% | 14% |
| Rs 25-50 lakh | 53% | 45% |
| Rs 50-75 lakh | 13% | 16% |
| Rs 75 lakh-1 crore | 7% | 10% |
| Rs 1 crore-2 crore | 8% | 13% |
| Over Rs 2 crore | 2% | 3% |
Properties registered in March 2024 were largely concentrated for apartments in the range of 1,000 – 2,000 square foot (sqft), accounting for 70% of registrations. There was a moderation in demand for smaller homes (below 1,000 sqft) with registrations for this category falling to 16% during March 2024 from 20% in March 2023. However, properties larger than 2,000 sqft saw an increase in demand with registrations rising to 15% during March 2024 from 10% in March 2023.
| Registrations in Hyderabad split by unit size | ||
| Unit-size (in sqft) | March 2023 | March 2024 |
| 0-500 | 3% | 3% |
| 500-1,000 | 17% | 13% |
| 1,000-2,000 | 70% | 70% |
| 2,000-3,000 | 8% | 11% |
| Over 3,000 | 2% | 4% |
On a district-level, Rangareddy emerged as the leading contributor to registrations in March 2024, capturing 46% of the market, a sharp increase as compared with the 34% recorded in March 2023. Medchal-Malkajgiri and Hyderabad district accounted for 40% and 14% respectively of the total registrations in March 2024.
| Registrations in Hyderabad split by district | ||
| District | March 2023 | March 2024 |
| Hyderabad | 16% | 14% |
| Medchal-Malkajgiri | 40% | 40% |
| Rangareddy | 34% | 46% |
| Sangareddy | 10% | 1% |
During March 2024, the weighted average price of transacted residential properties witnessed a sharp YoY increase of 12%. Among the districts, Medchal-Malkajgiri experienced the sharpest increase of 13% YoY while Rangareddy and Hyderabad experienced rises of 8% and 3% YoY respectively.
| Transacted price in Hyderabad by district | ||
| District | Weighted Average Transacted price
(Rs per sqft) |
March 2024
(YoY change) |
| Hyderabad | 4,665 | 3% |
| Medchal-Malkajgiri | 3,355 | 13% |
| Rangareddy | 4,579 | 8% |
| Total Market | 4,161 | 12% |
Beyond the concentration of bulk transactions, homebuyers also bought plush properties, which are bigger in size and offer better amenities. The top five deals for March 2024 have all happened in Rangareddy wherein the properties were sized more than 3,000 sqft and valued upwards of Rs 5.3 crore. Further, four of the top five were in Kondapur and while one was recorded in Kokapet in the West.
| District Name | Location | Area range (sqft) | Market value (Rs) |
| Rangareddy | Kondapur | Over 3,000 | 7,30,88,400 |
| Rangareddy | Kondapur | Over 3,000 | 6,30,56,400 |
| Rangareddy | Kondapur | Over 3,000 | 6,30,56,400 |
| Rangareddy | Kokapet | Over 3,000 | 5,86,64,000 |
| Rangareddy | Kondapur | Over 3,000 | 5,32,88,400 |
Shishir Baijal, chairman and managing director, Knight Frank India, said, “The residential market in Hyderabad continues to show robust demand, particularly for high-end homes. Since the pandemic began, prices have been on a steady upward trajectory, a trend that continued through March, with homebuyers consistently favouring properties of higher value that offer more space and amenities. In response to these market shifts, developers are showing agility and adaptability, aligning their offerings with the changing tastes and preferences of discerning buyers”.
An in-depth analysis of the Hyderabad real estate market reveals significant trends in apartment launches during the first quarter of 2024. Catering to homebuyers’ preferences, developers have shown a marked inclination towards the construction of 2-bedroom (2-BHK) and 3-bedroom (3-BHK) units. The launch of 2-BHK apartments has increased sharply, escalating from 23% in the previous year period to 32%. Meanwhile, the 3-BHK category, maintaining its consistent appeal, captured the majority share of the market.
Contrastingly, the introduction of 1-BHK, 2.5-BHK, 3.5-BHK, 4-BHK, and 5-BHK apartments experienced a downturn. Notably, the 2.5-BHK, 3.5-BHK, and 5-BHK categories saw their launches dwindle to zero in Q1 2024. These trends underscore the dynamic nature of the real estate market, reflecting shifts in consumer demand and developer strategy. It will be interesting to note the launch strategy adopted by developers in the coming months.
| Type of apartment | Jan- Mar 2023 | Jan- Mar 2024 |
| 1BHK | 7% | 3% |
| 2BHK | 23% | 32% |
| 2.5BHK | 2% | 0% |
| 3BHK | 53% | 56% |
| 3.5BHK | 3% | 0% |
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
