Home sales in Hyderabad witnessed a 10% year-on-year (YoY) increase in April to Rs 2,767 crore, taking the total value of all properties registered in the city since January 2022 to Rs 11,998 crore. Sale of 5,331 properties were registered in Hyderabad in April 2022, taking the total registrations of residential properties to 24,797 units since the beginning of this year, a report by real estate consultancy Knight Frank India noted. However, in terms of the total number of property registrations, April 2022 recorded a decline of approximately 10% YoY. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Of all the homes sold during April 2022, homes in the price band of Rs 25 – 50 lakh constituted 53%, the report stated. Demand in the less than Rs 25 lakh segment however weakened with its share constituting 17%. The share of sales of all other segments observed a marginal growth in YoY terms in April 2022.
The share of sales in unit-sizes over 1,000 sq ft maintained its share at approximately 83% of all homes sold in April 2022. Homes in the size of 1,000 – 2,000 sq. ft. were 72% of all sales registered during the period, the report added. The trend of homebuyers looking to upgrade and move into larger living quarters, sparked by the pandemic, continued to hold strong in April 2022 as well.
A district level study shows that home sales in the Medchal-Malkajgiri district was recorded at 44% in April 2022 followed by the Rangareddy district at 40%. The share of Hyderabad district in total registrations remained stable at 15% in April 2022, the report said.
“Hyderabad has historically had one of the strongest demand trends which resisted external pressures like economic slowdown and inflation in recent times. While the rise in prices led by the increased construction cost has impacted the more price sensitive category, however, the higher segments have had limited impact keeping the market buoyant and vibrant. Factors like security of employment, growth in household incomes and savings as well as conformable home – loan rates continue to drive end-users to home purchase,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.