Hyderabad's property registrations reached ₹12,000 crore in Q2 2024

By Bricksnwall | 2024-07-26

According to research by proptech firm Square Yards, homebuyers in Hyderabad prefer larger and more expensive homes.

According to a report released on July 25 by proptech firm Square Yards, property registrations in Hyderabad climbed by 11% year-on-year to 19,574 transactions, totaling ₹11,953 crore during April to June 2024.

The recorded home sales value climbed 27% annually, while the number of transactions grew 4% sequentially, according to the data.

According to the data, the average registered home sales value in Hyderabad increased by 15% annually, reaching ₹61 lakh.

The June quarter saw a 28% surge in transactions for houses priced between ₹50 lakh and ₹1 crore, up from 21% the previous year. The share of transactions for houses priced between ₹1-2 crore nearly doubled, climbing to 14% from 8% in the same time last year.

According to the survey, the trend towards more expensive dwellings is accompanied by a predilection for larger homes. Approximately 45% of deals in the second quarter of 2024 were for apartments sized between 1,000 and 1,500 square feet. Meanwhile, 37% were for those with 1,500-2,000 square feet of space, up from 31% in the same period last year. According to the data, the overall area of residences sold during this period reached 29 million square feet, a 15% increase over the previous year.

"The Hyderabad property market is experiencing significant growth...This increase demonstrates a strong demand among homebuyers for luxury and large properties, particularly those from reputed developers," stated Debayan Bhattacharya, principle partner and sales director at Square Yards. He noted that this spike has attracted several notable developers in recent years, who have since had successful project launches in Hyderabad.

Hyderabad's micromarkets

According to the data, Hyderabad West continued to be the epicentre of residential activity, accounting for 46% of all registered home transactions in the June quarter. Hyderabad East followed with a 15% share. In terms of sales value, the western micromarket led with 58%, followed by the centre and eastern suburbs with 11% and 10%, respectively.

According to the data, the Bachupally area leads the market with 1,010 reported transactions, followed by Kondapur and Puppalguda in the West. During the quarter, Kondapur recorded the highest registered home sales value of ₹729 crore, followed by Puppalguda and Kokapet.

Kokapet in West Hyderabad is becoming a popular neighbourhood due to its strategic location on the Outer Ring Road (ORR), proximity to the airport, and the forthcoming Neopolis project, according to the research.

"As the city's burgeoning IT sector continues to fuel residential demand, we're seeing increased interest from both end users and investors, who are lured to the lucrative returns. Looking ahead, we expect both demand and supply to improve, cementing Hyderabad's position as a prominent residential real estate hub not only in the southern area, but throughout India," Bhattacharya stated.

Source: Hindustan Time