Hyderabad recorded a 7% annual growth in registration of residential properties during the July-September period of 2024, according to a report by proptech platform Square Yards on November 5.
The city recorded a 7% annual growth in registered residential transactions during the July-September 2024 period at 19,527 units as compared to 18,314 units in same period last year, Square Yards said in a report that cited IGR data.
Meanwhile, the total registered sales value surged to โน11,718 crore during the three-month period, representing a 20% year-on-year increase, per the report. The average registered home sales value in Hyderabad reached โน60 lakh, reflecting a 13% annual growth during the quarter, the report noted.
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โIn addition to established areas like Gachibowli and Madhapur, emerging localities such as Kokapet, Narsingi, and others near the Outer Ring Road (ORR) are experiencing heightened residential activity due to excellent connectivity to both the airport and Hyderabad’s IT hubs. Moving forward, we are confident the city’s residential market will sustain its upward trajectory in the upcoming months,โ said Debayan Bhattacharya, Principal Partner and Sales Director, Square Yards.
Increasing preference for larger and higher-priced homes
The report highlighted that Hyderabad continues to see growth in its mid-to-high price segment, with the share of properties valued at โน1 crore and above rising to 13% in the September 2024 quarter, up from 9% in the same period last year. Within this segment, homes priced between โน1โ2 crore held the largest share at 11%, marking an increase from 7% during the July-September 2023 period.
The cityโs homebuyers remain inclined towards larger homes, with the highest volume of transactions (44%) falling within the 1,000โ1,500 sq ft range, the report said. Notably, properties sized between 1,500โ3,000 sq ft accounted for the second-largest share of 37% of total transactions, up from 31% last year, as demand for 3 BHK and above configurations continues to rise, it added.
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Square Yardsโ study of Hyderabad’s micro-market trends revealed that the western suburbs remained the most active region, accounting for 45% of registered transactions in the September quarter. Hyderabad East followed distantly with a 17% share. In terms of sales value as well, the western micro-market led with a dominant 56% share, while the eastern and central suburbs captured 12% and 11%, respectively. The Western suburbs also recorded the highest average transaction value at โน76 lakh, outperforming the central suburbs, the report said.
A closer analysis revealed that activity in Hyderabadโs western suburbs, once concentrated around HITEC City, has progressively expanded outward towards the Nehru Outer Ring Road (ORR) which offers seamless connectivity not only to the city’s IT hubs but also to Hyderabad’s international airport. The availability of sizeable land parcels, coupled with excellent infrastructure and the upcoming commercial/ IT hub of Kokapet Neopolis, has significantly increased interest from developers, investors and end-users, the report noted.
Aparna Constructions and Prestige Group top performers during Q3 2024
According to the report, Aparna Constructions and Estates maintained its leadership in Hyderabadโs residential market, recording the highest number of transactions with 625 units sold, amounting to โน510 crore. Furthermore, branded developers such as Prestige and Brigade have entered the top-10 developer list in recent quarters and have sustained their positions, the report said. Prestige Group secured the second spot, achieving a sales value of โน334 crore across 214 residential transactions.
As per the report, both Aparna Constructions and Prestige experienced strong demand for projects offering connectivity to the Outer Ring Road (ORR), including Aparna Zenon in Khajaguda and Prestige Tranquil in Kokapet. These projects were the top performers in the September quarter, leading in both transaction volume and sales value in Hyderabad, it said.
Also Read: Hyderabad registers 7,014 housing units worth โน4,288 crore in June 2024, up 26% YoY
