The residential markets of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy registered 6,414 apartments in March, up 12 per cent from the previous month
Published Date – Mon, 10 Apr 23 at 08:00 AM
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Hyderabad: Sentiment in the residential real estate sector in Hyderabad continued to be buoyant, with houses worth Rs 3,352 crore registered in March.
The Hyderabad residential market, comprising four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy, registered 6,414 apartments during the month, up 12% month-on-month.
In its latest assessment, Knight Frank India noted that 53% of all homes registered in March 2023 were priced between Rs 2.5 lakh and Rs 5 lakh, while 70% of all registered sales were for homes under 1,000 sq. ft. to 2,000 sq. ft. soft. High demand for mid- to high-priced homes persisted, with 29 per cent of homes valued at Rs 5 lakh or above.
Knight Frank’s assessment shows that the air ticket demand share below Rs 2.5 lakhs will be 18% in March 2023, a slight decline compared to the same period last year. “Demand for larger properties remains evident as the cumulative share of sales registrations for properties of Rs 1 crore and above increased from 6 per cent in March 2022 to 10 per cent in March 2023,” it said.
The 500-to-1,000-square-foot property category had a 16 percent share of registrations last month, while a year earlier, 1,000 to 2,000-square-foot properties remained the highest with a total share of 70 percent. The Hyderabad market has seen strong recent price growth with higher value properties sold in March 2023.
Samson Arthur, Senior Branch Director, Knight Frank India, observed that registrations in Hyderabad continued to be strong in March despite rising home loan rates and uncertainties in the global economy. “The highest percentage of registrations came from homes between 1,000-2,000 square feet. This can be attributed to buyers looking to move into homes with more space and amenities,” he added.
He said consumers in Hyderabad continued to feel confident in their ability to maintain their long-term financial commitments, reflecting the city’s positive outlook.
