Hyderabad real estate records 5,411 property registrations in January

Hyderabad Real Estate: Hyderabad's real estate sector witnessed steady registration numbers in January, recording a total of 5,411 residential properties registered for the month, according to a Knight Frank report. This indicates a slight decrease of 1 per cent compared to the previous year. However, there was a significant uptick in the total value of registered properties, surging by 24 per cent year-on-year (YoY) to reach Rs 3,279 crore, suggesting a shift towards higher-value property transactions.

Property trends shift

There has been a notable rise in registrations for properties priced at Rs 1 crore and above, which accounted for 14 per cent of registrations in January, up from 8 per cent in the same period last year. The majority of registered properties were in the 1,000 – 2,000 sq ft range, constituting 71 per cent of registrations. Conversely, there was a decline in demand for smaller homes below 1,000 sq ft, with registrations dropping to 16 per cent in January 2024 from 19 per cent in January 2023.

Rangareddy emerged as the leading contributor to registrations in January 2024, capturing 43 per cent of the total, closely followed by Medchal-Malkajgiri with 42 per cent. Hyderabad district accounted for 15 per cent of total registrations during the same period.

Luxury property surge

Apart from bulk transactions, there has been a notable trend of homebuyers investing in larger, high-value properties with enhanced facilities and amenities. Significant transactions in markets like Banjara Hills, Somajiguda, Puppalaguda, and Narsingi underscore this trend.

The report also points to a shift in development activity towards 3-bedroom units, which accounted for 81 per cent of apartment launches in Hyderabad in January 2024.

Comparing property pricing from January 2023 to January 2024, there have been changes across various price brackets. Notably, there has been a decrease in the percentage of properties priced below Rs 25 lakh and an increase in properties priced between Rs 50 lakh to Rs 2 crore and above.

The top transactions of the month include properties in prominent areas like Banjara Hills, Somajiguda, Puppalaguda, and Narsingi, indicating sustained interest in high-value real estate in Hyderabad.