Hyderabad registered a total of 7,014 residential properties amounting to ₹4,288 crore in the month of June 2024, according to a report released by property consultancy Knight Frank India on July 15. This marked a 26% annual increase in the number of units and a 48% jump in the overall value, the report added.
During the first half of the year (January – June 2024), a cumulative 39,220 residential units worth ₹24,287 crore were registered, as against 34,237 units amounting to ₹17,490 crore during the first six months of 2023. This indicates a 21% annual increase in the average cost of homes registered in the first half of 2024.
The residential market of the city encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, covering both primary and secondary (resale) home sales.
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“The demand in the residential market in Hyderabad is experiencing a significant shift towards luxurious homes with spacious layouts and greater amenities,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India, adding that developers too are swiftly adapting to these changing market dynamics by tailoring their offerings to meet buyer demands.
Changing trends
In June 2024, homes priced under ₹50 lakh comprised the largest share in the overall pie of properties registered with a 60% share, while those costing ₹1 crore and above accounted for 14% of the total registrations.
“There’s a noticeable trend of homebuyers preferring higher-value homes, which is reflected in the increasing registrations of properties for homes priced over ₹1 crore which has increased sharply by 96% YoY during June 2024,” the report noted.
About 68% of the total properties registered in June 2024, ranged between 1,000 – 2,000 square feet, as smaller homes spanning less than 1,000 square feet saw an annual decline in their share to 18% during the period under review, from 21% in June, 2023. Conversely, there was an increase in demand for larger properties exceeding 2,000 square feet, with registrations rising to 14% in June 2024 from 11% in June 2023, per the report.
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With regard to launches, 3 BHK units dominated the market in June 2024, accounting for 48% of the total fresh supply, followed by 2 BHK properties at 27%. Meanwhile, both 1 BHK and 4 BHK units saw an increase in their share in the overall supply at 3% and 18%, respectively. Lastly, the niche category comprising 5 BHK units accounted for 4% of the launches during June, 2024, the report said.
Regional breakdown
At a district-level, Rangareddy emerged as the leading contributor to registrations in June 2024, capturing 43% of the overall market, followed by Medchal-Malkajgiri and Hyderabad districts at 41% and 16%, respectively.
According to the report, the weighted average price of transacted residential properties recorded a year-on-year increase of 10% during June, 2024. Among the districts, Medchal-Malkajgiri experienced the sharpest increase of 11% on an annual basis, while Rangareddy and Hyderabad saw an increase of 8% and 7%, respectively.
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The top five deals in June 2024 largely took place in Rangareddy and Hyderabad wherein the properties were sized more than 3,000 sq ft and valued upwards of ₹7.1 crore, the report highlighted. Further, four of the top-five purchases were in West Hyderabad with one in Central Hyderabad’s Jubilee Hills.
