Thursday, November 30, 2023

a movement towards sale of higher value homes Hyd real estate unaffected by Assembly elections buzz

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Hyderabad real estate remained unaffected by elections announcement. Though model code of conduct came in force in October, the transactions continued to happen. As per the latest report from Knight Frank India, Hyderabad has recorded registrations of 5,787 residential properties in October 2023, observing a rise of 25% year-on-year (YoY).
The total value of properties registered during the month stood at Rs 3,170 crore which too has increased by 41% YoY indicating a movement towards sale of higher value homes. Since August, when BRS announced candidates the experts anticipate that in November there might be a reduction due to the model code of conduct and seizures.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. In October 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 to 50 lakh, accounting for 50% of the total registrations.
Properties priced below Rs 25 lakh constituted 16% of the total registration which has fallen from the 22% share recorded during October 2022. The share of sales registrations for properties with ticket-sizes of Rs 1 crore and above was 10% in October 2023, higher as compared with 8% in October 2022.
Registered properties in October 2023 were concentrated in the range of 1,000-2,000 sq ft, with this size category accounting for 69% of registrations. There was a moderation in demand for smaller homes (500 -1,000 sq ft), with registrations for this category falling to 16% during October 2023 from 21% in October 2022. However, properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 12% during October 2023 from 10% in October 2022.
According to the study conducted at the district level, Medchal-Malkajgiri consistently maintains the top position with 43% of home sales registrations, while Rangareddy district closely follows with 42% of sales registrations. In contrast, Hyderabad district accounted for 14% of the total registrations in October 2023. During October 2023, the weighted average prices of transacted residential properties witnessed a YoY increase of 6.8%. Among the districts, Hyderabad, Medchal-Malkajgiri and Rangareddy all experienced a 6% increase in property prices respectively.
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