Hyderabad recorded 5,877 registrations of residential properties in May 2023, marking an increase of 31% month-on-month (MoM), according to a report by property brokerage frim Knight Frank. The total value of properties registered during the month stood at Rs 2,994 crore, also up by 31% MoM.
In May 2023, the highest proportion of property registrations in Hyderabad at 55% was in the price range of Rs 25-50 lakh, noted the report. Registrations for properties priced under Rs 25 lakh accounted for 17% of the total registrations. Moreover, the share of registrations for properties priced at Rs 1 crore or more increased from 6% in May 2022 to 9% in May 2023.
The registrations of properties sized between 500 sqft and 1,000 sqft stood at 16% in May 2023, dropping slightly from the 17% recorded during May 2022. However, there was a slight increase in the number of registrations of properties sized between 2,000 sqft and 3,000 sqft from 7% during May 2022 to 8% in May 2023. The highest share of property registrations in May 2023 was at 70% for properties sized 1,000 sqft to 2,000 sqft.
The Hyderabad residential market includes four districts- Hyderabad, Rangareddy, Medchal-Malkajgiri and Sangareddy. The Knight Frank report shows that the Medchal-Malkajgiri district accounted for 45% of the total property registrations during the month. This was followed by 39% of the total registrations accounted for by the Rangareddy district. The Hyderabad district accounted for 16% of the total registrations.
During May 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 3%. Of the four residential districts, Hyderabad recorded the highest price rise at 8% YoY. Additionally, the Medchal-Malkajgiri market also experienced price growth of 4% in May 2023.
