The Hyderabad region has witnessed a 1 per cent annual fall in registrations of residential properties in January to 5,411 units, according to Knight Frank.
As many as 5,454 housing units were registered in January 2023 across the Hyderabad residential market, which includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
The data covers transactions of both primary (first sale) and secondary (resale) markets.
As per the data compiled by real estate consultant Knight Frank India, the total value of properties registered during January stood at Rs 3,279 crore, which is 24 per cent higher year-on-year, indicating a movement towards sale of higher value homes.
In January 2024, 47 per cent housing properties registrations were in the price range of Rs 25-50 lakhs.
Properties priced below Rs 25 lakh constituted 15 per cent of the total registration numbers.
The consultant highlighted that the share of sales registrations for properties costing Rs 1 crore and above has increased to 14 per cent in January 2024, as compared to 8 per cent in January 2023.
Properties registered in January 2024 were largely concentrated in the range of 1,000 - 2,000 square feet, accounting for 71 per cent of registrations.
There was a moderation in demand for smaller homes (below 1,000 square feet), with registrations for this category falling to 16 per cent during January 2024, from 19 per cent in January 2023.
However, properties larger than 2,000 square feet saw an increase in demand, with registrations rising to 13 per cent during January 2024, from 9 per cent in January 2023.
On a district-level, Rangareddy emerged as the leading contributor to registrations in January 2024, capturing 43 per cent of the total market share.
Medchal-Malkajgiri came in second with 42 per cent share.
Hyderabad district accounted for 15 per cent of the total registrations in January 2024.
During January 2024, the weighted average prices of transacted residential properties witnessed a sharp annual increase of 14 per cent.
Among the districts, Rangareddy experienced the sharpest increase of 12 per cent year-on-year (YoY), while Hyderabad and Medchal-Malkajgiri experienced an increase of 11 per cent and 5 per cent YoY, respectively.
"The Hyderabad residential market displayed a promising start to 2024, characterised by a stable property registration momentum and a notable uptick in demand for high-quality homes in January," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
This is reflected not just in the growth in price level but also the aspirational drive of homebuyers towards upgrading to higher value properties, he said.
"Developers, too, are actively keeping pace with these trends, demonstrating adaptability to meet the evolving preferences of discerning buyers," Baijal said.
