Hyderabad’s real estate market experienced a slowdown in property registrations during November 2024, though a slight rise in demand for high-value homes highlighted evolving buyer preferences, according to a Knight Frank India report. The city recorded 5,516 property registrations, reflecting a 12% year-on-year (YoY) decrease and a 6% month-on-month (MoM) decline. The total value of these registrations amounted to ₹3,495 crore, marking a 7% YoY and 3% MoM dip.
Knight Frank’s analysis includes data from Hyderabad, Medchal Malkajgiri, Rangareddy, and Sangareddy districts.
While properties priced below ₹50 lakh continued to dominate, accounting for 58% of registrations in November 2024, there is a visible shift towards higher-value properties. Homes priced above ₹1 crore represented 14% of total registrations, up from 12% in November 2023.
Demand for larger homes
The majority of registered properties were between 1,000 and 2,000 square feet, contributing to 69% of the total while 14% of properties registered exceeded 2,000 square feet, highlighting an increasing appetite for spacious homes.
Shishir Baijal, chairman and managing director of Knight Frank India, said, “Demand for high-value, premium properties remains robust, with a 3% YoY increase in registrations for homes priced above ₹1 crore. Developers are responding to this demand by introducing upscale projects, reflecting growing confidence in Hyderabad’s residential market.”
District-wise breakdown
Medchal Malkajgiri led the district-wise property registrations, contributing 42%, followed by Rangareddy at 41%, and Hyderabad district at 17%. The weighted average price of transacted residential properties increased by 6% YoY to ₹4,213 per square feet. Among the districts, Medchal Malkajgiri recorded the highest price appreciation at 11%, followed by Hyderabad district at 10%.
Top transactions highlight luxury appeal
The city’s top five transactions in November 2024 were for properties larger than 3,000 square feet, with values exceeding ₹6.3 crore. All these deals occurred in prime areas such as Somajiguda, Banjara Hills, and Jubilee Hills, reinforcing the demand for luxury living spaces in central Hyderabad, the report said.
Published – December 25, 2024 01:56 am IST
