Hyderabad experienced a surge in residential property registrations in December 2023, reaching 7,254 and marking the highest monthly registrations for the year, according to a report by Knight Frank India. This reflected a substantial 15% year-on-year (YoY) increase and a 16% month-on-month (MoM) growth.
The total value of registered properties in December 2023 amounted to ₹4,191 crore, indicating a substantial 32% YoY uptick and a significant 12% MoM rise. Examining the entire year’s performance, the report reveals that 71,912 residential properties were registered in 2023, showcasing a 5% YoY increase. The cumulative registration value for the year stood at ₹ 38,395 crore, signifying a substantial 14% YoY rise.
The Hyderabad residential market, encompassing districts such as Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, includes both primary and secondary real estate markets. A district-wise analysis in December 2023 identified Medchal-Malkajgiri and Rangareddy as the primary contributors, accounting to 45% and 40% of total registrations, respectively. The Hyderabad district constituted 14% of the registrations in the same period.
In December 2023, properties in the price range of ₹25 – ₹50 lakh comprised the largest category of registrations at 47%, while those priced below ₹25 lakh constituted 15% of the total registrations, experiencing a decline in market share. There was an increase in registrations for properties priced between ₹75 lakh and ₹1 crore, rising from 7% in December 2022 to 9% in December 2023. The share of registrations for properties costing ₹1 crore and above also saw an increase, reaching 12% in December 2023 compared to 9% in December 2022.
Among the registered properties in December 2023, 71% fell within the range of 1,000 - 2,000 square feet, indicating a strong preference for the category of this size. Demand for smaller homes (below 1,000 square feet) saw a decrease to 16%, down from 19% in December 2022. Conversely, properties larger than 2,000 square feet experienced an increase in demand, with registrations rising to 12% in December 2023 from 11% in December 2022.
