The number of registrations stood at 6,439, down 1 per cent from 6,493 in August last year, the report said.
Published Date – 20 September 2024, 06:34 PM
HyderabadHyderabad witnessed a marginal decline in the number of home registrations in August this year as compared to last August.
According to the latest estimates released by Knight Frank India on Friday, the city recorded home sales worth Rs 4,043 crore during August 2024, registering a growth of 17 per cent year-on-year (YoY).
However, the report said the number of registrations stood at 6,439, down 1 per cent compared to 6,493 in August last year.
The Knight Frank report said that a total of 54,483 homes have been registered in the city from January 2024 till date, showing an increase of 18 per cent compared to the same period last year. Similarly, the value of properties registered from January to August 2024 was recorded at Rs 33,641 crore, showing an increase of 41 per cent compared to the same period last year.
The Hyderabad residential market covers four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, covering home sales belonging to both the primary and secondary real estate markets.
In August 2024, properties priced below Rs 50 lakh will have the largest share in registrations in Hyderabad, although the share of this segment has declined from 67 per cent in August 2023 to 59 per cent this August.
Meanwhile, sales of homes priced Rs 1 crore and above witnessed a significant rise, rising from 9 per cent to 15 per cent during the same period.
Talking about registrations by unit size, most of the properties registered in Hyderabad last month were concentrated in the 1,000 to 2,000 sq ft range, accounting for 69 per cent of the total registrations.
Demand for smaller homes (less than 1,000 sq ft) has declined and registrations have dropped from 19 per cent in August 2023 to 17 per cent in August 2024. In contrast, demand for larger properties (over 2,000 sq ft) has increased and registrations have risen from 11 per cent to 14 per cent in the same period.
At the district level, Rangareddy led in property registrations with 42 per cent market share, up from 39 per cent in August 2023. Medchal-Malkajgiri and Hyderabad districts accounted for 41 per cent and 17 per cent of total registrations, respectively.
Knight Frank said that an in-depth analysis of Hyderabad’s real estate market in August 2024 reveals notable trends in apartment launches. Demand for 3BHK units has grown from 56 per cent in August 2023 to 64 per cent in August 2024, while launches of 2BHK units have declined from 25 per cent to 20 per cent year-on-year.
There has been a slight decline in the demand for larger size homes like 4BHK and 5BHK, while the demand for smaller units like 1BHK and 2.5BHK has remained relatively stable.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Hyderabad’s residential market is flourishing, especially in the luxury segment, as more home buyers are looking for spacious layouts and premium amenities.”