Residential property registrations in Hyderabad surged in February 2024, with 6,938 properties registered, marking a 21% increase Year-on-Year (YoY) and a 27% Month-on-Month (MoM) rise, according to the latest report by property consulting firm Knight Frank India. The total value of these properties reached ₹4,247 crore, reflecting a 42% YoY and 29% MoM increase, suggesting a trend towards the sale of higher-value homes.
The Hyderabad residential market includes Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy districts.
In February 2024, properties priced between ₹25 lakh and ₹50 lakh dominated, comprising 45% of total registrations, while those below ₹25 lakh accounted for only 14%. Conversely, the proportion of properties valued at ₹1 crore and above increased to 14% in February 2024, up from 10% in the same period last year.
Most registrations in February 2024 fell within the 1,000-2,000 square feet range, constituting 71% of total registrations. Demand for smaller homes (below 1,000 square feet) dipped to 16% from 20% in February 2023, while larger properties (above 2,000 square feet) saw an uptick to 13% from 10% during the same period.
Rangareddy and Medchal-Malkajgiri emerged as the primary contributors to registrations in February 2024, each capturing 43% of the total registrations, while Hyderabad district accounted for 13%.
The weighted average price of transacted residential properties witnessed a significant YoY increase of 10% in February 2024. Medchal-Malkajgiri experienced the steepest rise at 15%, followed by Rangareddy at 5% and Hyderabad at 2%, according to the report.
Apart from bulk transactions, homebuyers also gravitated towards upscale properties offering superior amenities. Significant deals occurred in markets like Rangareddy and Hyderabad, featuring properties exceeding 3,000 square feet and valued over ₹ 4.2 crore. Areas such as Banjara Hills and Somajiguda in central Hyderabad, as well as Puppalaguda in the west, witnessed the sale of high-value homes.
