Hyderabad witnessed residential property registrations of 5,408 units valued at ₹2,841 crore in June, while the last quarter (April to June) saw 17,074 properties being registered. This is a 9.1% year-on-year increase, even though the monthly sales registration has dipped by 25%, independent property consultancy firm Knight Frank India noted in its latest report on Wednesday.
The total value of properties transacted in this quarter stood at ₹8,685 crore, a 25% rise. This indicates while a lesser number of homes were registered, the average value of homes registered in June was higher than its corresponding period last year in the residential market of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy districts.
Homes in the price band of ₹25 lakh to ₹50 lakh constituted 53% — a marked increase from 35% in June 2021. Demand in the less than ₹25 lakh ticket-size, however, weakened with its share constituting 16% compared to 40% a year ago. Greater demand for larger ticket size homes is evident as the cumulative share of sales registrations for properties with ticket-sizes of ₹50 lakh and above increased to 32% in June 2022 from 25% in June 2021.
Sales in unit-sizes of over 1,000 sq. ft. maintained its share at approximately 82% of all home sales registrations in June. Homes in the size of 1,000-2,000 sq. ft. were 71% of all sales registered during the period. The trend of homebuyers looking to upgrade and move into larger living quarters, that was sparked by the COVID-19 pandemic, continued to hold strong in June as well, said the report.
District-level study shows that 44% home sales registrations were in Rangareddy district followed by Medchal-Malkajgiri at 39% while Hyderabad district registrations was recorded at 13% in June.
The weighted average prices of transacted residential properties, as per data, has grown by 20% with Hyderabad district seeing the steepest rise of 29% in June indicating that higher-value homes were sold in this location during that period.
“Despite a downtrend in registrations in June, Hyderabad has had one of the strongest demand trends this quarter beating external factors such as global economic slump and inflation. Rising construction cost has had an impact on the more price-sensitive categories, yet its influence on the upper segments was limited, keeping the market robust. The capital remains in the affordable zone despite the rise in home loan rates,” said chairman and managing director Shishir Baijal.
