Hyderabad registered home sales worth ₹36,461 crore during the January- September period of 2024 recording a 34% year-on-year increase, while the number of registrations increased 13% annually to 59,386, a report by property consultancy Knight Frank India said on October 24.
The report however added that sales dropped 18% year-on-year in September 2024 to ₹2,820 crore, with 4,903 registrations marking a 22% decline. The consultant attributed the decline in registrations to observance of the Shradh/Pitra Paksha period (September 17 to October 2, 2024), a time considered inauspicious for buying or registering homes according to the Hindu calendar.
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For the purpose of the report, the Hyderabad residential market encompasses four districts, – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.
According to the report, sale of homes priced at ₹1 crore and above increased from 9% to 14% during the first nine months of 2024, reflecting a shift in homebuyer preferences toward higher-value properties. Meanwhile registrations for homes over ₹1 crore saw a notable 79% year-on-year rise during YTD 2024.
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In September 2024, the majority of the registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet comprising 68% of all registrations, the report said. Simultaneously, the demand for larger properties (over 2,000 sq ft) increased with registrations rising to 11% from 13% in the same period.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “More homebuyers are seeking spacious layouts and premium amenities, reflecting a broader national shift towards high-end housing. Strong economic growth and favourable interest rates have bolstered buyer confidence, leading to a 79% Y-o-Y increase in registrations for homes priced above ₹1 crore in the first nine months of 2024. This rising demand for higher-value properties underscores the city’s clear move toward upscale living.”
District-level dynamics
Amongst the districts, Medchal-Malkajgiri led property registrations with 42% of the market, up from 45% in September 2023, per the report. Meanwhile Rangareddy and Hyderabad district accounted for 39% and 19% of the total registrations respectively.
The weighted average price of transacted residential properties witnessed an annual increase of 3% during September 2024, the report highlighted. Among the districts, Medchal-Malkajgiri, experienced the most increase of 7% year-on-year while Rangareddy and Sangareddy experienced an increase of 3% and 2% year-on-year, respectively.
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Beyond the concentration of bulk transactions, homebuyers also bought plush properties which are bigger in size and offer better amenities, the report underscored. According to Knight Frank India, the top five deals in September 2024 took place in Hyderabad and Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of ₹4.3 crore.
Elaborating on residential unit launches, the report stated that launches for 3BHK units grew from 60% in September 2023 to 70% in September 2024, while the launch of 2BHK units dropped from 29% to 27% year-on-year. This shift highlights a growing preference for more spacious homes, reflecting evolved buyer preferences and a dynamic market adapting to varied housing needs, the report noted.
