Hyderabad registers over 59,000 home sales in first 9 months of 2024: Report

In Sep’24, 68% of the registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 sq ft.

October 24, 2024: In its latest assessment, Knight Frank Research reported that Hyderabad registered home sales worth Rs 36,461 crore during January- September 2024 recording a 34% year-on-year (YoY) increase, whilst number of registrations stood at 59,386 up by 13% YoY. However, in September 2024, sales dropped to Rs 2,820 crore (down 18% YoY) with 4,903 registrations, a 22% decline. The decline in registrations can be attributed to the observance of the Shradh/Pitra Paksha period (17-09-24 to 02-10-24), a time considered inauspicious for buying or registering homes according to the Hindu calendar.

 

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 6,870 -1% -4% 3,602 4,275 19% -2%
April 4,494 6,696 49% -3% 2,286 4,310 89% 1%
May 6,039 6,062 0% -9% 3,068 3,760 23% -13%
June 5,566 7,056 27% 16% 2,897 4,314 49% 15%
July 5,557 8,781 58% 24% 2,878 5,285 84% 23%
August 6,493 6,439 -1% -27% 3,461 4,043 17% -24%
September 6,304 4,903 -22% -24% 3,459 2,820 -18% -30%



Registration (No. of units) Registration value (Rs cr)
Period Jan- Sep YoY change Jan- Sep YoY change
YTD 2022 51,412 -17% 25,274 -9%
YTD 2023 52,591 2% 27,288 8%
YTD 2024 59,386 13% 36,461 34%

 

In Hyderabad, properties priced under Rs 50 lakh usually dominate registrations. However, it is observed that there is a significant growth in the premiumisation trend over the last few months. Sales of homes priced at Rs 1 crore and above increased from 9% to 14% during the first 9 months of 2024, reflecting a shift in homebuyer preferences toward higher-value properties, with registrations for homes over Rs 1 crore saw a notable 79% YoY rise during YTD 2024.

 

Ticket size-wise registrations in Hyderabad
Ticket size YTD 2023 YTD 2024 YoY YTD 2023 YTD 2024 YoY
Volume Split (No. of units) Registration Value Split (Rs  cr)
< Rs 50 lakh 36,685 35,538 -3% 19,019 21,806 15%
Rs 50 lakh- 1 crore 11,139 15,298 37% 5,795 9,396 62%
> Rs 1 crore 4,762 8,550 79% 2,475 5,259 113%



Ticket size-wise share of registrations
YTD 2023 YTD 2024
<Rs 50 lakh 70% 60%
Rs 50- 1 crore 21% 26%
> Rs 1 crore 9% 14%

 

In September 2024, the majority of the registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square foot (sq ft) comprising 68% of all registrations. Notably, the demand for larger properties (over 2,000 sqft) increased with registrations rising to 11% from 13% in the same period.

 

Unit size-wise share of registrations
Unit-size in sqft September 2023 September 2024
0-500 3% 4%
500-1,000 14% 16%
1,000-2,000 71% 68%
2000-3000 9% 10%
>3000 2% 3%

 

The Hyderabad residential market encompasses four districts, – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. At a district-level, Medchal-Malkajgiri led property registrations with 42% of the market, up from 45% in September 2023. Rangareddy and Hyderabad district accounted for 39% and 19% of the total registrations respectively.

 

Registration split by district
District September 2023 September 2024
Hyderabad 14% 19%
Medchal-Malkajgiri 45% 42%
Rangareddy 41% 39%
Sangareddy 0% 0%

 

The weighted average price of transacted residential properties witnessed a YoY increase of 3% during September 2024. Among the districts, Medchal-Malkajgiri, experienced the most increase of 7% YoY while, Rangareddy and Sangareddy experienced an increase of 3% and 2% YoY respectively.



District Weighted Average Transacted price (Rs per sq ft) September 2024

(YoY change)

Hyderabad 4,331 -10%
Medchal-Malkajgiri 3,361 7%
Rangareddy 4,352 3%
Sangareddy 2,449 2%
Total Market 3,971 3%

 

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 September 2024 have happened in Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs 4.3 crors. Further, four of the top five deals were in Central Hyderabad while the remaining one deal was in Narsingi in West Hyderabad.



District Name Location Area range (Sq ft) Market Value (Rs)
Hyderabad Srinagar Colony >3,000 5,95,00,000
Hyderabad Jubilee Hills >3,000 5,70,30,400
Hyderabad Ameerpet >3,000 5,57,97,500
Hyderabad Banjara Hills >3,000 5,16,72,400
Rangareddy Narsingi >3,000 4,35,00,000

 

An in-depth analysis of Hyderabad’s real estate market in September 2024 reveals notable trends in apartment launches. The launches for 3BHK units have grown from 60% in September 2023 to 70% in September 2024, while the launch of 2BHK units dropped from 29% to 27% YoY. This shift highlights a growing preference for more spacious homes, reflecting evolved buyer preferences and a dynamic market adapting to varied housing needs.



Launches in Hyderabad
Type of Apartment Sep-23 Sep-24
1BHK 1% 0%
2BHK 29% 27%
2.5BHK 1% 0%
3BHK 60% 70%
4BHK 7% 2%
5BHK 1% 0%

 

Shishir Baijal, chairman and managing director, Knight Frank India, said, “Hyderabad’s residential market is showing significant promise, particularly in the over Rs 1 crore segment. More homebuyers are seeking spacious layouts and premium amenities, reflecting a broader national shift towards high-end housing. Strong economic growth and favourable interest rates have bolstered buyer confidence, leading to a 79% YoY increase in registrations for homes priced above Rs 1 crore in the first nine months of 2024. This rising demand for higher-value properties underscores the city’s clear move toward upscale living.”

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
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