Residential registrations in Hyderabad increased by 32% month on month (MoM) basis during November 2022, property consultancy Knight Frank India noted in its latest assessment. The city recorded registrations of 6,119 units of residential properties in November. The total value of properties registered during the month stood at Rs 2,892 crore. Since the beginning of the year, the city has observed registration of 62,159 residential units with a total worth of Rs 30,415 crore compared to registrations of 75,453 residential units amounting to Rs 33,531 crore observed in a similar period last year, the real estate consultancy firm said.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. Residential units in the price band of Rs 25 - 50 lakh constituted 50% of the total registrations in November 2022, which is an increase from a share of 37% in November 2021.
Demand in the less than Rs 25 lakh ticket size, however, weakened with its share constituting 22% compared to 39% a year ago. Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket sizes of Rs 50 lakh and above increased to 28% in November 2022 from 24% in November 2021.
In November 2022, the share of registrations in the unit category of properties sized 500 - 1000 square feet increased to 22% compared to 15% observed in November 2021 while properties sized 1,000 square feet or higher witnessed a dip in share from 74% in November 2021 to 65% in November 2022. At the district level, the study shows that home sales registrations in the Medchal-Malkajgiri district were recorded at 41% followed by Rangareddy district at 39%. The share of Hyderabad district in total registrations was recorded at 14% in November 2022.
The weighted average prices of transacted residential properties have increased by 12% YoY in November 2022. Sangareddy district saw the steepest rise of 47% YoY in November 2022 indicating more higher-value homes were sold in this location during this period.
"Residential registrations in Hyderabad increased by 32% MoM in November 2022, while observing a 21% decline on a yearly basis. The city's residential market saw some relief in November as the Hyderabad market witnessed an uptick in registrations despite major headwinds from geopolitical developments and a spike in home mortgage rates over the last few quarters. The more sensitive lower ticket sector is affected, however, the demand for higher value homes continues to remain strong," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.