Residential properties worth Rs.2,841 cr registered in Hyderabad in June

Hyderabad: Even as the property market took a short break after the continuous upswing from last year, Hyderabad witnessed residential properties worth a whopping Rs.2,841 crore being transacted in June this year.

In its latest market report, Knight Frank India noted that the city witnessed residential property registrations of 5,408 units this June, which was despite sales registration dipping by 25 per cent as against last June.

“Despite the moderation in sales in June, Hyderabad’s overall outlook remained positive as 17,074 properties were registered in the city in the second quarter of this fiscal (April-June), a 9.1 per cent year on year increase,” the report said. Meanwhile, the total value of properties transacted in Q2 2022 stood at Rs.8,685 crore, which in fact was a 25 percent YoY rise, indicating that while lesser number of homes were registered, the average value of homes registered in June was higher than the corresponding period last year.

Of residential sales registered during June, homes in the price band of Rs.2.5 – 5 Mn (Rs.25 – 50 lakh) constituted 53 per cent, an increase from a share of 35 per cent in June 2021. Greater demand for larger ticket size homes was evident as the cumulative share of sales registrations for properties with ticket-sizes of Rs.5 Mn (Rs.50 lakh) and above increased to 32 per cent in June 2022 from 25 per cent in June 2021.

The share of sales in unit-sizes over 1,000 square feet maintained its share at approximate 82 per cent of all home sales registrations in June. Homes in the size of 1,000 – 2,000 sqft were 71 per cent of all sales registered during the period. The trend of homebuyers looking to upgrade and move into larger living quarters, which was sparked by the pandemic, continued to hold strong in June as well, it said.

A district level study showed that 44 per cent home sales registrations were in Rangareddy followed by Medchal-Malkajgiri at 39 per cent. The share of Hyderabad district in total registrations was recorded at 13 per cent in June.

Knight Frank India chairman and managing director Shishir Baijal said despite a downtrend in registrations in June 2022, Hyderabad had one of the strongest demand trends in Q2 2022, beating external factors such as global economic slump and inflation. Hyderabad also remained in the affordable zone despite the rise in home loan rates.

• Residential properties worth Rs.2,841 crore transacted in June 2022

• 53% of all home sales in Rs.25 lakh – 50 lakh ticket-size