Between July and September, Hyderabad's home transactions increased by 7%, while sales values increased by 20%. Report
By Bricksnwall | 2024-11-06
According to IGR data, Hyderabad had 19,527
transactions, up from 18,314 in the same period last year.
Hyderabad experienced a 7% yearly rise in
residential property registrations between July and September 2024, according
to a report released on November 5 by proptech platform Square Yards.
According to Square Yards, registered residential purchases in the city increased by 7% annually between July and September 2024, reaching 19,527 units from 18,314 units the previous year.
During the three-month period, total registered sales value increased by 20% year on year to ₹11,718 crore, according to the study. According to the data, the average registered home sales value in Hyderabad increased by 13% year on year during the quarter to ₹60 lakh.
In addition to established locations like
Gachibowli and Madhapur, growing localities like Kokapet, Narsingi, and others
along the Outer Ring Road (ORR) are seeing increased residential development as
a result of their great connection to both the airport and Hyderabad's
information technology hubs. Moving forward, we are confident that the city's
residential market will expand in the next months," stated Debayan
Bhattacharya, Principal Partner and Sales Director at Square Yards.
Increasing demand for larger and more expensive residences.
According to the research, Hyderabad's mid-to-high
price sector is expanding, with 13% of houses valued at ₹1 crore or more in the
September 2024 quarter, up from 9% the previous year. Homes priced between ₹1-2
crore held the greatest share at 11%, up from 7% in July-September 2023.
According to the survey, the city's homebuyers continue
to choose larger homes, with the majority of transactions (44%) falling between
1,000 and 1,500 square feet. Notably, residences ranging between 1,500 and
3,000 square feet accounted for the second-largest percentage of overall
transactions (37%), up from 31% last year, as demand for 3 BHK and above
designs continues to climb, it noted.
Square Yards' analysis of Hyderabad's micro-market
trends indicated that the western suburbs remained the most active region,
accounting for 45% of recorded transactions in the September quarter. Hyderabad
East trailed far behind with 17%. In terms of sales value, the western
micro-market led with a strong 56% share, while the eastern and central suburbs
accounted for 12% and 11%, respectively. The Western suburbs had the highest
average transaction value of ₹76 lakh, exceeding the central suburbs, according
to the data.
A deeper look revealed that activity in Hyderabad's
western suburbs, which was formerly concentrated on HITEC City, has gradually
spread outward towards the Nehru Outer Ring Road (ORR), which provides seamless
connectivity not only to the city's IT sectors but also to Hyderabad's
international airport. The availability of large land parcels, along with
outstanding infrastructure and the planned commercial/IT hub of Kokapet
Neopolis, has greatly raised interest from developers, investors, and
end-users, according to the report.
Aparna Constructions and Prestige Group are the biggest performers for Q3 2024.
Aparna Constructions and Estates led Hyderabad's residential market, selling 625 units worth ₹510 crore. Furthermore, branded developers such as Prestige and Brigade have risen to the top ten list in recent quarters and have maintained their positions, the survey stated. Prestige Group ranked second with a sales value of ₹334 crore from 214 residential deals.
According to the research, Aparna Constructions and Prestige had high demand for projects that connect to the Outer Ring Road (ORR), such as Aparna Zenon in Khajaguda and Prestige Tranquil in Kokapet. These projects were the top performers in the September quarter, leading in transaction volume and sales value in Hyderabad, according to the report.
Source: Hindustan Times
