Hyderabad recorded the registration of 6,493 residential properties in August 2023, marking a year-over-year (YoY) rise of 15% and an increase of 17% over July 2023, according to a report by Knight Frank India. The value of properties registered during August stood at Rs 3,461 crore, up 22% over last year and 20% over July.
The Hyderabad residential market includes the Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy districts. Medchal-Malkajgiri consistently maintains the top position with 43% of home sales registrations, while Rangareddy district closely follows with 39% of sales registrations. In contrast, Hyderabad district accounted for 17% of the registrations.
During August 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 5.7%. Among the districts, Medchal-Malkajgiri district saw the sharpest price increase, at 6% YoY. Hyderabad and Rangared districts also saw price upticks of 4% and 2% respectively.
The demand in August 2023 for properties was largely concentrated in the size range of 1,000 to 2,000 sqft, accounting for 70% of the registrations. There was also an increase in demand for smaller homes (500 -1,000 sqft), with registrations for this category rising to 16% in August this year from 15% in August 2022. Properties larger than 2,000 sqft also saw an increase in demand, with registrations rising to 11% in August 2023 from 9% in August 2022. A few estates over 3,000 sqft in size and costing around Rs 4 crore were also sold in Hyderabad and Rangareddy districts.
In August 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 lakh to 50 lakh, accounting for 52% of the total registrations. Properties priced below Rs 25 lakh constituted 16% of the total registration. The share of sales registrations for properties with ticket-sizes of Rs 1 crore and above was 9% in July 2023, higher as compared with 8% in August 2023.
