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According to the latest report from Knight Frank India, 6,416 residential properties were registered in Hyderabad in March 2024, reflecting an 8% year-on-year (YoY) decline due to high base effects. However, the total value of registered properties stood at INR 4,039 crore, marking a 12% YoY increase, indicating movement towards higher-priced homes.
The Hyderabad residential market covers four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. It includes primary and secondary real estate transactions.
In March 2024, properties priced between INR 25-50 lakhs accounted for 45% of registrations, making it the most common price range. Registrations of properties under INR 25 lakhs declined to 14% of the total. However, registrations of properties over INR 1 crore rose significantly to 16% compared to 10% in March 2023, thereby pushing the average price of property in the market.
70% of registered properties in March 2024 were apartments sized 1,000-2,000 sq ft. Demand for smaller homes (<1,000 sq ft) moderated, with their share falling to 16% from 20% in March 2023. Meanwhile, larger properties (>2,000 sq ft) saw a rise in demand, with their share increasing to 15% from 10%.
Rangareddy district led registrations in March 2024 at 46%, a sharp rise from 34% in March 2023. Medchal-Malkajgiri and Hyderabad accounted for 40% and 14% respectively.
The weighted average transaction price rose sharply by 12% YoY in March 2024. Medchal-Malkajgiri saw the steepest increase at 13% YoY, followed by Rangareddy and Hyderabad at 8% and 3% 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 March 2024 have all happened in Rangareddy wherein the properties were sized more than 3,000 sq ft and valued upwards of INR 5.3 crores. Further, four of the top five were in Kondapur while one was recorded in Kokapet in the West.
An analysis of Q1 2024 launches showed a focus on 2-BHK and 3-BHK units, with 2-BHKs rising sharply from 23% to 32%. 3-BHKs maintained the largest share. Meanwhile, 1-BHK, 2.5-BHK, 3.5-BHK, 4-BHK and 5-BHK launches declined, with some even falling to zero.
The trends observed in the Hyderabad residential market during the first quarter of 2024 demonstrate the dynamic nature of real estate demand and supply. Developers are quickly adapting their launch strategies to match shifting preferences for size, configuration and price. With the market showing resilience even during periods of decline, it will be interesting to monitor how buyers and builders respond to evolving macroeconomic conditions in the coming quarters.
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