Hyderabad: Hyderabad witnessed a notable surge in residential property registrations in December 2023, hitting 7,254 and the total value of the registered properties amounted to Rs. 4,191 crore, indicating a remarkable 32% YoY uptick and a significant 12% MoM rise.
According to a report by Knight Frank India, December records the highest monthly registration for the entire year. Analyzing the overall performance for the year, the report discloses that 71,912 residential properties were registered in 2023, showcasing a 5% YoY increase.
The Hyderabad residential market, covering districts such as Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, includes both primary and secondary real estate markets.
In December 2023, a district-wise analysis identified Medchal-Malkajgiri and Rangareddy as the primary contributors, accounting for 45% and 40% of total registrations, respectively. The Hyderabad district constituted 14% of the registrations in the same period.
Breaking down the registrations in December 2023, properties in the Rs. 25 – 50 lakh price range comprised the largest category at 47%, while those priced below Rs. 25 lakh constituted 15% of the total registrations, experiencing a decline in market share.
Registrations for properties priced between Rs. 75 lakh and Rs. 1 crore increased from 7% in December 2022 to 9% in December 2023. The share of registrations for properties costing Rs. 1 crore and above also increased, reaching 12% in December 2023 compared to 9% in December 2022.
Among the registered properties in December 2023, 71% fell within the range of 1,000 – 2,000 square feet, indicating a strong preference for this size category.
Demand for smaller homes (below 1,000 square feet) saw a decrease to 16%, down from 19% in December 2022. Conversely, properties larger than 2,000 square feet experienced an increase in demand, with registrations rising to 12% in December 2023 from 11% in December 2022.
