Monday, April 15, 2024

Hyd market registered 37% drop in April registrations

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Hyderabad market registered a massive 37% drop in home registrations during April 2023, compared to March 2023. In all, 4,398 homes were registered in April 2023, compared to 6,959 in March 2023. 

In the latest assessment, Knight Frank India noted that Hyderabad recorded registrations of 4,398 units of residential properties during April 2023, whilst the total value of properties registered stood at INR 2,230 crore. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

Registrations of homes in the price band of INR 25–50 lakhs were highest constituting 54% of the total registrations in April 2023, whilst the share of demand in the less than INR 25 lakh ticket-size stood at 18%. The cumulative share of sales registrations for properties with ticket-sizes of INR 1 crore and above increased to 13% during April 2023 from 11% during April 2022.

In April 2023, the share of registrations in the category of properties sized 500 – 1,000 square feet (sq ft) stood at 17%, which is higher than the 14% recorded during April 2022. However, the share of properties sized 1,000-2,000 sq ft remained the highest with a total share of 69% during April 2023.

At a district level, the study shows that home sales registrations in the Medchal-Malkajgiri district stood at 47%, followed by Rangareddy district at 38%. The share of Hyderabad district in the total registrations was 14% during April 2023.

The weighted average prices of transacted residential properties declined marginally by 0.3% YoY during April 2023. The market price rise was the highest in Hyderabad, 9% YoY indicating that larger volume of higher value homes was sold in this location during this period. Price growth in the Medchal-Malkajgiri market also increased by 2% during April 2023.

Samson Arthur, Senior Branch Director, Knight Frank India said, “Despite the Hyderabad market registering a drop in registrations during April 2023 this is consistent with the pattern seen last year same month. Overall market continues to appeal home buyers, especially for larger homes. Increased share of registrations came from homes ranging from 1,000-2,000 sqft reflecting desire to upgraded homes with more space and amenities.” 

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