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Updated December 19th, 2023 at 13:29 IST

Hyderabad clocks Rs 3,741 crore in November 2023 home sales

The city saw a 2% YoY and 8% MoM rise in residential property registrations, with 71% falling in the 1,000 to 2,000 sq ft range, totalling 6,268 registrations.

Leechhvee Roy
Hyderabad's home sales peak
Hyderabad's home sales peak | Image:Pixabay
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Hyderabad recorded its highest monthly home sales in November 2023, with a total value of Rs 3,741 crore, according to Knight Frank India. The figures indicate a substantial 29 per cent year-on-year (YoY) and an 18 per cent month-on-month (MoM) increase, signaling a shift towards the sale of higher-value homes. The city recorded 6,268 residential property registrations during the month, marking a 2 per cent YoY and an 8 per cent MoM rise. A  71 per cent of these registered homes fell within the 1,000 to 2,000 sq ft size range. The weighted average price witnessed a sharp YoY increase of 13.8 per cent, reflecting a buoyant real estate market.

Price range dynamics

The price range of Rs 25–50 lakhs dominated the market, constituting 48 per cent of total registrations. Notably, properties priced below Rs 25 lakhs accounted for 13 per cent, showing a decline from the 23 per cent share in November 2022. Homes with ticket-sizes of Rs 1 crore and above constituted 13 per cent of the registrations, a notable increase from 7 per cent in November 2022. The data also revealed a shift in demand dynamics, with smaller homes (below 1,000 sq ft) experiencing a decrease from 25 per cent in November 2022 to 15 per cent in November 2023, while properties larger than 2,000 sq ft saw an increase from 11 per cent to 14 per cent.

District dominance

District-wise, Medchal-Malkajgiri and Rangareddy emerged as primary contributors, each comprising 43 per cent of total registrations. Hyderabad district accounted for 14 per cent, consistent with its share in the previous period, while Sangareddy's share was recorded at 0 per cent. The weighted average prices of transacted residential properties witnessed a YoY increase of 13.8 per cent, with Rangareddy experiencing the sharpest surge at 17 per cent, followed by Hyderabad and Medchal-Malkajgiri, both with an 8 per cent increase.

Shishir Baijal, Chairperson and MD, Knight Frank India, attributed the robust sales to the Reserve Bank of India's decision to maintain stable interest rates since April 2023. Baijal highlighted the optimistic market outlook, visible in the rising number of property developments and increased demand for superior homes with comprehensive amenities.

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Developers in Hyderabad showcased a preference for larger-sized units, particularly in the 4BHK category, witnessing a notable increase from 5 per cent in 2022 to 9 per cent in 2023. The overall real estate transactions during the month showcased a distinct trend towards 3BHKs, closely trailed by 2BHK units, aligning with the evolving preferences of homebuyers seeking larger living spaces.

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Published December 15th, 2023 at 15:54 IST

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