Hyderabad’s property registrations dipped 12% Year-on-Year (YoY) to 5,516 units in November 2024 from 6,268 units a year ago. The registrations dropped 6% month-on-month(MoM) from 5,894 in October, according to a report released by Knight Frank India on December 24.
Hyderabad recorded home sales worth โน3,495 crore in November 2024, reflecting a 7% year-on-year (YoY) drop from โน3,741 crore last year and 3% month-on-month (MoM) decline from โน3,617 crore in October.
“Overall property registrations in Hyderabad moderated in November 2024, but demand for high-value homes remains robust, registering a 3% YoY increase. Buyer preferences are shifting toward larger, premium properties priced above โน1 crore, reflecting a growing inclination for luxury living driven by strong economic fundamentals and aspirations for enhanced lifestyles,” Shishir Baijal, Chairman and Managing Director of Knight Frank India said.
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The Hyderabad residential market encompasses four districts, – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to primary and secondary real estate markets.
High-value home sales remain robust in November
The report added that despite the overall decline in registrations, the registration of high-value homes has increased.
In Hyderabad, properties priced under โน50 lakhs typically account for most registrations. However, a notable premiumisation trend has emerged in recent months.
The share of homes priced at โน1 cr and above rose from 12% to 14% in November 2024 as compared to 2023, highlighting a shift in buyer preferences toward higher-value properties.
In November 2024, most registered properties in Hyderabad were concentrated in the 1,000 to 2,000 square feet (sq ft) range, accounting for 69% of all registrations.
“Developers are actively aligning with this trend by introducing upscale projects to cater to evolving demands. The sustained momentum in the high-value segment underscores the confidence of affluent buyers in Hyderabadโs residential real estate market, even with the dip in overall registrations,” Baijal added.
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At the district level, Medchal-Malkajgiri accounted for 42% of property registrations, closely followed by Rangareddy at 41%. Hyderabad district contributed the remaining 17% of total registrations.
The weighted average price of transacted residential properties witnessed a YoY increase of 6% during November 2024. Among the districts, Medchal-Malkajgiri experienced the most increase of 11% YoY while, Hyderabad experienced an increase of 10% YoY.
Beyond the concentration of bulk transactions, homebuyers also bought plush properties which are bigger and offer better amenities. The top five deals in November 2024 included properties over 3,000 sq ft, valued above โน6.3 crore. All these deals were recorded in Central Hyderabad.
Home sales in Hyderabad drop between January and November
Between January and November, Hyderabad registered home sales worth โน43,574 crore recording a 27% year-on-year increase from โน34,205 last year in the same period. The number of registrations increased 12% annually to 70,796 units from 64,658 units last year.
