Hyderabad: Hyderabad has seen cumulative home registrations of 46,368 homes since January 2024, which is 17 percent higher than registrations during the same time last year.
According to a report by Knight Frank, the state’s revenue through stamp duty between January and June 2024 was recorded at Rs 28,578 crore, registering a growth of 40 percent YoY.
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 under the Rs 50 lakh category constituted the largest segment of registrations in Hyderabad. However, the share of these sales registrations has declined from 69 percent in July 2023 to 61 percent 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 percent in July 2024 from 9 percent in the same period last year.
This indicates a discernible shift in homebuyer preferences towards higher-value homes, as evidenced by a sharp 94 percent year-on-year increase in the registrations of properties priced over Rs 1 crore during July 2024.
Last month, most registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet (sq ft), comprising 69 percent of all registrations. There was a decrease in demand for smaller homes (below 1,000 sq ft), with registrations dropping to 17 percent in July 2024 from 21 percent in July 2023.
Conversely, demand for larger properties (over 2,000 sq ft) increased, with registrations rising to 14 percent from 11 in the same period.
Chairperson and managing director of Knight Frank India, Shishir Baijal 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 the case of Hyderabad, where homes costing INR 1 crore saw a rise of 129 percent YoY.”
