Hyderabad, Oct.24 (NSS):In its latest assessment, Knight Frank Research reported that Hyderabad registered home sales worth Rs 36,461 crore during January-September 2024 recording a 34% year-on-year (YoY) increase, whilst number of registrations stood at 59,386 up by 13% YoY.
However, in September 2024, sales dropped to Rs 2,820 crore (down 18% YoY) with 4,903 registrations, a 22% decline. The decline in registrations can be attributed to the observance of the Shradh/Pitra Paksha period (17-09-24 to 02-10-24), a time considered inauspicious for buying or registering homes according to the Hindu calendar. The Hyderabad residential market encompasses four districts, – Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales relevant to both primary and secondary real estate markets.
In Hyderabad, properties priced under Rs 50 lakh usually dominate registrations. However, it is observed that there is a signification growth in premiumisation trend over last the months. Sales of homes priced at Rs 1 crore and above increased from 9% to 14% during the first nine months of 2024, reflecting a shift in homebuyer preferences toward higher-value properties, with registrations for homes over Rs 1 crore saw a notable 79% YoY rise during YTD 2024.
