Hyderabad Residential Market Registers Strong Growth in August
The residential market in Hyderabad registered strong growth in August 2023, with property registrations rising 15% year-on-year and 17% month-on-month to 6,493 units. The total value of properties registered during the month stood at Rs 3,461 crore, up 22% over the same month last year.
The upswing in the market is being driven by a number of factors, including rising demand for improved living spaces, particularly in modern complexes equipped with numerous amenities. The Reserve Bank of India’s (RBI) decision to keep interest rates steady since April 2023 has also further boosted buyer confidence.
The report by property consultancy Knight Frank said that in August, the highest proportion of property registrations in the city was in the price range of Rs 25-50 lakh, accounting for 52% of the total. Properties priced below Rs 25 lakh constituted 16% of the total registration. The share of sales registrations for properties with ticket sizes of Rs 1 crore and above was 9% in July 2023, higher compared with 8% in July 2022.
The demand for properties in August 2023 was largely concentrated in the range of 1,000-2,000 sq ft, with this category accounting for 70% of registrations. There was also an increase in demand for smaller homes (500-1,000 sq ft), with registrations for this category rising to 16% of total registrations in August 2023 from 15% a year earlier. Properties larger than 2,000 sq ft also saw an increase in demand, with registrations in this segment rising to 11% of the total in August from 9% in August 2022.
The strong demand for residential properties in Hyderabad is expected to continue in the coming months, supported by favorable factors such as the ongoing economic recovery and the government’s focus on infrastructure development.
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