Hyderabad has registered a total of 54,483 homes sales valued at ₹33,641 crore between January-August 2024. This marked an 18% year-on-year rise in the number of registrations and a 41% annual jump in the value of homes sold during the eight-month period, as per IGR data.
In the month of August alone, the city saw sales registration of 6,439 residential properties worth ₹4,043 crore. While this reflects a 17% year-on-year growth in the value of homes during the month, the number of registrations recorded a 1% moderation, said an analysis by real estate consultancy Knight Frank India.
The Hyderabad residential market encompasses four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales both within the primary and secondary real estate markets.
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“Hyderabad’s residential market is flourishing, particularly in the luxury segment, as more homebuyers seek spacious layouts and premium amenities. This aligns with the broader national trend toward high-end housing,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
How the numbers stack up
According to the analysis, properties priced under ₹50 lakh grabbed the largest share of the registrations pie in Hyderabad, though the segment’s share dropped to 59% in August 2024, from 67% in the same month last year. Meanwhile, sales of homes priced at ₹1 crore and above soared to 15% this year, from 9% during the same period in 2023.
“Backed by strong economic growth and favourable interest rates, buyer confidence is rising, with a notable 61% YoY increase in registrations for homes over ₹1 crore in August 2024. This shift toward higher-value properties underscores the growing preference for upscale living across the city,” remarked Baijal.
The report highlighted that in the month of August, most registered properties in the city were concentrated in the range of 1,000 to 2,000 square feet, comprising 69% of all registrations.
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Simultaneously, there was a decrease in demand for smaller homes (below 1,000 sq ft) with registrations dropping to 17% in August 2024 from 19% in August 2023. Conversely, demand for larger properties (over 2,000 sq ft) increased with registrations rising to 14% from 11% in the same period last year.
At a district-level, Rangareddy led property registrations with 42% of the market, up from 39% in August 2023. Medchal-Malkajgiri and Hyderabad district accounted for 41% and 17% of the total registrations respectively.
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According to the analysis, the weighted average price of transacted residential properties witnessed a year-on-year increase of 9% during August 2024. Among the districts, Rangareddy, experienced the sharpest increase of 10% year-on-year while, Medchal-Malkajgiri and Hyderabad experienced an increase of 8% and 2% annually respectively.
3BHK units lead supply in August 2024
The analysis showed that there was a shifting preference witnessed in favour of more spacious homes, reflecting evolved buyer preferences and a dynamic market response, adapting to varied housing needs.
In the month of August, residential units of 3 BHK configuration stood as the most popular category accounting for 64% of the launches, compared to a 56% share in the same period last year. Meanwhile the launch of 2BHK units dropped from 25% to 20% year-on-year.
Demand for homes of larger configurations – 4BHK (8%) and 5BHK (2%) also recorded a slight moderation of 1% each on an annual basis, while for smaller units such as 1BHK (2%) and 2.5BHK (4%) it remained relatively stable.
