Registration of residential properties in the Hyderabad region fell 36% year-on-year to 5,181 units on lower demand, according to a Knight Frank India report. The total value of properties transacted in August 2022 stood at Rs 2,657.8 crore, compared to Rs 3,809 crore in the same month last year. Since the beginning of the year, the report found that the city has witnessed sales of 46,078 residential units with a total worth of Rs 22,680 crores.
In August 2021, 8,144 housing units were registered in the Hyderabad residential market that includes four districts -- Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. Medchal-Malkajgiri district accounted for 44% of the home sales registrations, followed by Rangareddy district at 38%. The share of Hyderabad district in total registrations was recorded at 14%in August 2022, according to the report.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "August 2022 witnessed an increase of 20% MoM (month-on-month) in both residential registrations as well as state earnings from home registrations while observing a reduction of 36% on YoY (year-on-year) basis."
"Despite the impact of external factors including an increase in interest rates and price, the Hyderabad residential market continues to experience robust demand trends. Going ahead, we expect home demand to remain stable as end-users continue to be drawn to home purchases backed by job security, rising household incomes and savings," he added. As per the data, residential units in the price band of Rs 25-50 lakhs constituted 55% of the total sales in August 2022, which is an increase from a share of 37% in August 2021.
Demand in the less than Rs 25 lakh ticket-size, however, weakened with its share constituting 16% compared to 35% a year ago. The cumulative share of sales registrations for properties with ticket-size of more than Rs 50 lakh increased to 29% in August 2022 from 28% in August 2021.