The real estate landscape in Hyderabad is witnessing a significant surge, as indicated by the registration data for January 2024. Let’s delve into the details of this dynamic market and explore the trends driving this growth.
Registration Trends in January 2024
In January 2024, Hyderabad recorded the registration of 5,411 residential properties, marking a slight decrease of 1% compared to the previous year. However, the total value of these registered properties soared to ₹3,279 crore, representing a substantial increase of 24% year-on-year (YoY). This surge in value signifies a notable shift towards the sale of higher-priced properties in the city.
Market Analysis by District
The Hyderabad residential market encompasses four key districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering both primary and secondary real estate sectors. Notably, Rangareddy emerged as the leading contributor to property registrations in January 2024, capturing 43% of the total market share. This district’s rise to prominence reflects the evolving dynamics of the Hyderabad real estate market.
Price Segmentation and Property Sizes
Analysis of property registrations reveals interesting insights into price segmentation and property sizes. Properties priced between ₹25 to 50 lakh accounted for 47% of registrations, while those priced at ₹1 crore and above captured 14% of the market share in January 2024, a significant increase from 8% last year.
Moreover, the majority of registered properties fell within the 1,000 to 2,000 sq ft range, comprising 71% of total registrations. However, there was a shift in demand towards larger properties, with registrations for properties exceeding 2,000 sq ft increasing to 13% in January 2024.
Also Read: Open Plots in Hyderabad
District-wise Price Trends
Rangareddy saw a 12% YoY price increase, followed by Hyderabad (11%) and Medchal-Malkajgiri (5%). This indicates the growth of Hyderabad’s real estate market, driven by demand and evolving consumer preferences.
Shift Towards Luxury Properties
Aside from bulk transactions, there’s a discernible trend towards the purchase of luxury properties offering enhanced amenities and spacious living. Markets like Rangareddy and Hyderabad witnessed the sale of plush properties sized over 3,000 sq ft and valued at ₹4.2 crores or more. This trend reflects the aspirational drive of homebuyers towards upscale living spaces.
Developer Strategies and Buyer Preferences
Developers in Hyderabad are strategically aligning their offerings with evolving buyer preferences. There’s a notable emphasis on introducing 3-BHK units, catering to the growing demand for larger residences. This strategic shift underscores developers’ adaptability in meeting the evolving needs of discerning buyers.
Conclusion
The Hyderabad real estate market is poised for continued growth, driven by robust demand and strategic initiatives by developers. The surge in property registrations, particularly in the high-value segment, signals optimism and indicates a resilient market poised for further expansion.
As the city continues to attract homebuyers seeking quality living spaces, stakeholders are gearing up to capitalize on emerging opportunities and drive the market towards new heights of success.
Frequently Asked Questions (FAQ’s)
Ans: In January 2024, Hyderabad recorded the registration of 5,411 residential properties, with a marginal decline of 1% compared to the previous year. However, the total value of registered properties surged to ₹3,279 crore, marking a significant increase of 24% year-on-year (YoY).
Ans: The Hyderabad residential market comprises four key districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. These districts collectively cover both primary and secondary real estate sectors.
