Monday, Jun 17 2024 | Time 09:42 Hrs(IST)
Business Economy

Hyderabad's residential property market surges in Jan-Apr 2024

Hyderabad, May 17 (UNI) Hyderabad saw 26,027 property registrations in the first four months of 2024, with a total value of INR 16,190 crores, according to the latest assessment report released by Knight Frank India, a leading independent global property consultancy.
This represents a 15 percent year-on-year (YoY) increase in the number of registrations and a 40 percent YoY increase in the total value compared to the same period last year, the report revealed.
The surge in 2024 registrations has been driven by higher-value homes, especially those priced at INR 1 crore and above, which saw a 92 percent YoY increase.
Mid-segment homes, costing between INR 50 lakhs and INR 1 crore, also saw a 47 percent YoY rise.
Overall, the value of registered homes in all categories has increased, indicating a shift towards more expensive properties, the report stated.
For April 2024, the total residential property registrations reached 6,578 units, marking a 46 percent YoY increase, with the value of these properties recorded at INR 4,260 crore, also showing a significant 86 percent YoY rise.
In April 2024, the majority of registered properties in Hyderabad were concentrated in the range of 1,000 to 2,000 square feet for apartments, comprising 70 percent of all registrations. There was a decrease in demand for smaller homes (below 1,000 square feet), with registrations for this category declining to 16 percent in April 2024 from 20 percent in April 2023.
The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "The residential market in Hyderabad, like numerous other locations across India, is experiencing a noticeable shift towards high-end homes offering expansive spaces and premium amenities.”
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