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Hyderabad Property Trends March 2024: Know Popular Price Category, Size and Location – Prime Time News24

As per the newest report from Knight Frank India, 6,416 residential properties had been registered in Hyderabad in March 2024 noting a decline of 8% year-on-year (YoY) on account of a excessive base. The entire worth of properties registered in the course of the month stood at Rs 4,039 crore (Cr) which was increased by 12% YoY indicating a motion in direction of the sale of higher-value houses.

The Hyderabad residential market consists of 4 districts particularly Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy and covers dwelling gross sales pertinent to the first and secondary actual property markets.

Value Class

In March 2024, properties within the value vary of Rs 25 – 50 lakhs accounted for 45% of all registrations in Hyderabad, making it the commonest value class.

Properties priced beneath Rs 25 lakhs nevertheless declined of their share making up 14% of the full registrations Nonetheless, the proportion of gross sales registrations for properties priced at Rs 1 crore and above rose to 16% in March 2024, a big enhance from 10% in March 2023 additionally pushing up the weighted common within the metropolis.

Properties registered in March 2024 had been largely concentrated for flats within the vary of 1,000 – 2,000 sq ft, accounting for 70% of registrations. There was a moderation in demand for smaller houses (beneath 1,000 sq ft) with registrations for this class falling to 16% throughout March 2024 from 20% in March 2023. Nonetheless, properties bigger than 2,000 sq ft noticed a rise in demand with registrations rising to fifteen% throughout March 2024 from 10% in March 2023.

Rangareddy’s development

On a district degree, Rangareddy emerged because the main contributor to registrations in March 2024, capturing 46% of the market, a pointy enhance as in contrast with the 34% recorded in March 2023. Medchal-Malkajgiri and Hyderabad district accounted for 40% and 14% respectively of the full registrations in March 2024.

Throughout March 2024, the weighted common value of transacted residential properties witnessed a pointy YoY enhance of 12%. Among the many districts, Medchal-Malkajgiri skilled the sharpest enhance of 13% YoY whereas Ranga Reddy and Hyderabad skilled rises of 8% and three% YoY respectively.

Past the focus of bulk transactions, homebuyers additionally purchased plush properties which are larger and provide higher facilities.

The highest 5 offers for March 2024 have all occurred in Rangareddy whereby the properties had been sized greater than 3,000 sq ft and valued upwards of Rs 5.3 crores. Additional, 4 of the highest 5 had been in Kondapur and whereas one was recorded in Kokapet within the West.

Shishir Baijal, chairman and MD, Knight Frank India, stated, “The residential market in Hyderabad continues to indicate strong demand, notably for high-end houses. Because the pandemic started, costs have been on a gradual upward trajectory, a development that continued by means of March, with homebuyers persistently favouring properties of upper worth that supply more room and facilities. In response to those market shifts, builders are displaying agility and flexibility, aligning their choices with the altering tastes and preferences of discerning patrons”.

Provide of 2-BHK Flats Elevated

An in-depth evaluation of the Hyderabad actual property market reveals vital developments in condominium launches in the course of the first quarter of 2024. Catering to homebuyers’ preferences, builders have proven a marked inclination in direction of the development of 2-bedroom (2-BHK) and 3-bedroom (3-BHK) items.

The launch of 2-BHK flats has elevated sharply, escalating from 23% within the earlier 12 months interval to 32%. In the meantime, the 3-BHK class, sustaining its constant attraction, captured the bulk share of the market.

Contrastingly, the introduction of 1-BHK, 2.5-BHK, 3.5-BHK, 4-BHK, and 5-BHK flats skilled a downturn.

Notably, the two.5-BHK, 3.5-BHK, and 5-BHK classes noticed their launches dwindle to zero in Q1 2024. These developments underscore the dynamic nature of the actual property market, reflecting shifts in shopper demand and developer technique. It is going to be fascinating to notice the launch technique adopted by builders within the coming months.



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