Hyderabad’s real estate market experienced a slowdown in property registrations in November 2024, although a slight increase in demand for high-end homes highlighted the preference of developing buyers, reports Knight Frank India. According to The city recorded 5,516 property registrations, reflecting a 12% year-on-year (YoY) decline and 6% month-on-month (MoM) decline. The total value of these registrations was ₹3,495 crore, a dip of 7% YoY and 3% MoM.
Knight Frank’s analysis includes data from Hyderabad, Medchal Malkajgiri, Rangareddy and Sangareddy districts.
Accounting for 58% of registrations in November 2024, there has been a visual shift towards high-value properties, with properties priced below ₹ 50 lakh dominating. Homes above ₹1 crore represent 14% of total registrations, up from 12% in November 2023.
Demand for larger homes
The majority of registered properties were between 1,000 and 2,000 sq ft, which accounted for 69% of the total, while 14% of registered properties exceeded 2,000 sq ft, highlighting the growing appetite for spacious homes.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “Demand for high-priced, premium properties remains strong, with a 3% year-on-year increase in registrations of homes above ₹1 crore. Reflecting the growing confidence in Hyderabad’s residential market, developers are responding to this demand by introducing upscale projects.
District wise division
Medchal Malkajgiri led the district-wise property registration, contributing 42%, followed by Rangareddy with 41%, and Hyderabad district with 17%. The weighted average price of transacted residential properties increased by 6% YoY to ₹4,213 per sq ft. Among the districts, Medchal Malkajgiri recorded the highest price increase at 11%, followed by Hyderabad district at 10%.
Top deals highlight the luxury appeal
The top five transactions in the city in November 2024 were for properties larger than 3,000 square feet, with a value of over ₹ 6.3 crore. All these deals were in prime areas like Somajiguda, Banjara Hills and Jubilee Hills, strengthening the demand for luxury living spaces in central Hyderabad, the report said.
published – December 25, 2024 at 01:56 pm IST