Residential properties worth Rs 2,237 crore registered in Hyderabad in October
Hyderabad witnessed residential properties worth a whopping Rs 2,237 crore being transacted in the month of October
In its latest assessment released on Thursday, Knight Frank India said a total of 4,597 apartments were registered last month with 51 per cent of all homes registered being in the price range of Rs 25 lakh to Rs 50 lakh and 66 per cent of sales registered were in the range of 1,000 sft to 2,000 sft.
The registrations in October takes the total worth of properties registered in Hyderabad residential market comprising four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, since January this year to Rs 27,509 crore.
The greater demand for larger ticket-size homes remained evident as the cumulative share of sales registrations for properties with ticket sizes of Rs 50 lakh and above increased to 27 per cent in October 2022 from 25 per cent in October 2021, noted the Knight Frank India assessment.
Last month inputs suggested that the share of registrations in the unit category of properties sized 500 sft to 1000 sft increased to 21 per cent compared to 17 per cent observed in October 2021 while properties sized 1,000 square feet or higher witnessed a dip in share from 81 per cent in October 2021 to 76 per cent in October 2022.
At the district level, the study shows that home sales registrations in the Medchal-Malkajgiri district were recorded at 46 per cent followed by the Rangareddy district at 36 per cent. The share of Hyderabad district in total registrations was recorded at 14 per cent in October 2022. The weighted average prices of transacted residential properties as per the registration data have grown by 12 per cent YoY in October 2022.
Sangareddy district saw the steepest rise of 37 per cent YoY in October 2022 indicating higher value homes were sold in this location during this period. Price growth in the Hyderabad market has been strong in recent times. With the higher-value property being sold in October 2022; the weighted average price has shown an uptrend in all micro-markets of the city, the report pointed out.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, the city which saw a significant rise in demand until mid of 2022, has seen a drop in registration in year October. “The rise in home loan interest rate in the last three quarters along with strong headwinds caused by the global geo-political tensions has started affecting the consumers,” he remarked.
Samson Arthur, Senior Branch Director, Knight Frank India said the Hyderabad residential sector grew stronger last year due to a supportive socioeconomic environment, advanced infrastructure, and a business-friendly administration. This continued throughout this year despite a certain slowdown in sales.
“Recent interest rate hike might have reduced the pace of registrations, the same is anticipated to be short-lived and likely to remain resilient as sentiments improve,” he said.
