Wednesday, February 21, 2024

City records highest monthly homes’ sales in Nov 2023

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Hyderabad recorded registrations of 6,268 residential properties in November 2023, with a rise of two per cent from 2022 to 2023(YoY) and eight per cent from last year November to this year (MoM). According to the latest Knight Frank India report, the total value of properties registered during the month stood at Rs 3,741 crore, which is higher by 29 per cent YoY and 18 MoM. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
In November 2023, property registrations in Hyderabad were in the price range of Rs 25 to 50 lakh, accounting for 48 per cent of the total registrations. The share of sales registrations for properties with ticket sizes of Rs 1 crore and above was 13 per cent in November 2023, higher as compared with 7 per cent in November 2022.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said “The Reserve Bank of India’s decision to maintain stable interest rates since April 2023 has significantly bolstered home-buyer confidence in Hyderabad which has led to a consistent growth in sales. This optimistic market outlook is evident in the rising number of property developments, showcasing developers’ agility in meeting the evolving preferences of discerning buyers. The impact is reflected not just in a noticeable price increase but also in the heightened desire for superior homes with comprehensive amenities.”
Properties registered in November 2023 were largely concentrated in the range of 1,000 to 2,000 sq ft, with this size category accounting for 71 per cent of registrations. Properties larger than 2,000 sq ft saw an increase in demand, with registrations rising to 14 per cent during November 2023 from 11 per cent in November 2022.
As per the district-level study conducted in November 2023, Medchal-Malkajgiri and Rangareddy emerged as the primary contributors, each comprising 43 per cent of the total registrations. Hyderabad district accounted for 14 per cent of the total registrations in November 2023, identical to its share in the previous period.

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