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Hyderabad reports 48% growth in home registrations in July 2024, ET RealEstate


<p>Representation image </p>
Representation image

Hyderabad has achieved the record of highest homes registered with over 46,000 homes registered in 2024, leading to 40% year on year (y-o-y) revenue surge

Hyderabad has registered homes worth Rs 4,266 crore during July 2024 up by 48% year-on-year (y-o-y), whilst number of registrations stood at 7,124 units up by 28% y-o-y. Since January 2024, the city has seen cumulative home registrations of 46,368 units which, when compared to same time last year, is higher by 17%.

Similarly, the state’s revenue through stamp duty between January – June 2024 was recorded at Rs 28,578 Crores registering a growth of 40% y-o-y. The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.

In July 2024, properties registered within the sub-Rs 50 lakh price category constituted the largest segment of registrations in Hyderabad. However, the share of these sales registrations has declined from 69% in July 2023 to 61% in July 2024. Notably, there has been a significant increase in the share of sales registrations for properties priced at Rs 1 crore and above, rising to 13% in July 2024 from 9% in the same period last year. This indicates a discernible shift in homebuyer preferences towards higher-value homes, as evidenced by a sharp 94% year-on-year increase in the registrations of properties priced over Rs 1 crore during July 2024.In July 2024, most registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet (sq ft) comprising 69% of all registrations. There was a decrease in demand for smaller homes (below 1,000 sq ft) with registrations dropping to 17% in July 2024 from 21% in July 2023. Conversely, demand for larger properties (over 2,000 sq ft) increased with registrations rising to 14% from 11in the same period.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “The residential market in Hyderabad is experiencing a notable shift towards luxury homes with spacious layouts and enhanced amenities. This trend is part of a broader shift across India towards the premiumization of housing as is evident in case of Hyderabad where homes costing Rs 1 crore saw a rise of 129% y-o-y. Since the onset of the pandemic, property prices have been on a steady rise, a trend continuing through July 2024. Supported by robust economic growth and favorable interest rates, buyer confidence has surged. Hyderabad is spearheading this shift, with developers rapidly adapting to market changes and tailoring their offerings to meet the evolving demands of buyers.”

At a district-level, Rangareddy emerged as the leading contributor to registrations in July 2024, capturing 41% of the market, a sharp increase as compared to the 37% recorded in July 2023. Medchal-Malkajgiri and Hyderabad district accounted for 40% and 19% of the total registrations respectively.

The weighted average price of transacted residential properties witnessed a sharp y-o-y increase of 8% during July 2024. Among the districts, Rangareddy, experienced the sharpest increase of 9% YoY while, Medchal-Malkajgiri and Hyderabad experienced an increase of 6% and 1% YoY respectively.

Beyond the concentration of bulk transactions, homebuyers also bought plush properties which are bigger in size and offer better amenities. The top five deals for July 2024 have happened in Rangareddy and Hyderabad wherein the properties were sized more than 3,000 sq ft and valued upwards of Rs 4.3 crore. Further, three of the top five were in West Hyderabad while the Banjara Hills transactions were in Central Hyderabad.

An in-depth analysis of the Hyderabad real estate market reveals significant trends in apartment launches during July 2024. The data indicates a diversification in the market offerings: 1-BHK units, previously non-existent in July 2023, now make up 2% of the market, and they have maintained a consistent 3% year-to-date (YTD) for both 2023 and 2024.

The share of 2BHK apartments rose significantly from 31% to 39% in July, although YTD figures show a slight decrease from 26% to 25%. The proportion of 3BHK units slightly declined from 59% to 55% in July but increased YTD from 53% to 61%, showing strong demand. The share of 4BHK units decreased from 8% to 3% in July and from 13% to 10% YTD. This data reflects evolving buyer preferences and a dynamic market adapting to varied housing needs. It will be interesting to note the launch strategy adopted by developers in the coming months.

  • Published On Aug 9, 2024 at 02:00 PM IST

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