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Hyderabad witnessed residential property registrations of 5,408 units in June 2022, as per the latest market report by Knight Frank India.

Sales registration dipped 25% YoY in June 2022 as the market took a breather after observing a continuous upswing. Despite the moderation in sales in June 2022, Hyderabad’s overall outlook remained positive as 17,074 properties were registered in Hyderabad in Q2 2022, a 9.1% YoY increase.

The total value of properties transacted in Q2 2022 stood at INR 8,685 crore, a 25% YoY rise, indicating towards the fact that while lesser number of homes were registered, the average value of homes registered in June was higher than its corresponding period last year.

The Hyderabad residential market includes four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

Of all residential sales registered during June 2022, homes in the price band of INR 2.5 – 5 Mn (INR 25 – 50 lakhs) constituted 53%, which is an increase from a share of 35% in June 2021. Demand in the less than INR 2.5 mn (INR 25 Lakhs) ticket-size, however weakened with its share constituting 16% compared to 40% a year ago. Greater demand for larger ticket size homes is evident as the cumulative share of sales registrations for properties with ticket-sizes of INR 5 Mn (INR 50 lakhs) and above increased to 32% in June 2022 from 25% in June 2021.

The share of sales in unit-sizes over 1,000 sq ft maintained its share at approximate 82% of all home sales registrations in June 2022. Homes in the size of 1,000 – 2,000 sq. ft. were 71% of all sales registered during the period. The trend of homebuyers looking to upgrade and move into larger living quarters, that was sparked by the pandemic, continued to hold strong in June 2022 as well.

A district level study shows that that 44% home sales registrations were in the Rangareddy district followed by the Medchal-Malkajgiri district at 39%. The share of Hyderabad district in total registrations was recorded at 13% in June 2022.

SALES REGISTRATIONS IN HYDERABAD

The weighted average prices of transacted residential properties, as per the registration data, have grown by 20% YoY in June 2022. Hyderabad district saw the steepest rise of 29% YoY in June 2022, indicating that higher value homes were sold in this location during this period. Price growth in the Hyderabad market has been strong in recent times. With higher value property being sold in June 2022, the weighted average price has shown an uptrend in all micro markets of Hyderabad.

Commenting on the same, Shishir Baijal, Chairman and Managing Director said, “Despite a downtrend in registrations in June 2022, Hyderabad has had one of the strongest demand trends in Q2 2022, beating external factors such as global economic slump and inflation. Therefore, we expect the momentum to maintain the pace without much variance in the coming quarters. The end-users in the Hyderabad market continue to be drawn to home purchases encouraged by factors such as stable economic environment, rising household income and amenable home-loan interest rates.”

“While the rising construction cost has had an impact on the more price sensitive categories, its influence on the upper segments was limited, keeping the market robust. Hyderabad remains in the affordable zone despite the rise in home loan rates,” he added.

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Author: Howard Caldwell