Registrations in Hyderabad rise 1.5 times in May
Deccan Chronicle. | DC Correspondent
People prefer to buy costlier houses
Hyderabad real estate
Hyderabad: Hyderabad has witnessed more than 1.5 times growth in registration of properties in this year's May compared to last year's May, said a leading real estate consultancy in the country.
According to Knight Frank India, sale of 6,301 properties were registered in Hyderabad in May 2022, a 152 per cent increase on year-on-year basis and 17.6 per cent rise on month-on-month basis. The total value of properties transacted in May 2022 stood at Rs 3,058 crore, a 146 per cent rise on year-on-year basis and a jump of 9.9 per cent on month-on-month basis, taking the cumulative value of all properties registered since January 2022 to Rs 15,071 crore.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
On year-to-date basis, the number of registrations remained flat. While the total number of registrations in 2021 was 31,133, it was 31,126 in year-to-date in 2022. The value of properties registered year to date in 2022 was Rs 15,071.5 crore compared to Rs 13.459.3 crore in the yearago period.
"Of all residential sales registered during May 2022, houses in the price band of Rs 25 lakh and 50 lakh constituted 55 per cent. Demand in the less than Rs 25 lakh ticket-size weakened with its share constituting 18 per cent. The cumulative share of sales registrations for properties with ticket-size 50 lakh and above increased to 27 per cent in May 2022 compared to 26 per cent in May 2021," Knight Frank India said.
Shishir Baijal, Chairman and Managing Director said, "In recent years, Hyderabad has had one of the strongest demand trends, despite external factors such as economic downturn and inflation. While the rising building costs have had an impact on the more price sensitive categories, the upper segments have had little influence, keeping the market strong. End-users continue to be drawn to home purchases by factors such as job security, rising household incomes and savings, and conformable home-loan rates."
The real estate consultancy said the share of sales in unit-sizes over 1,000 square feet maintained its share at approximately 81 per cent of all home sales registrations in May 2022. "Houses in the size of 1,000 and 2,000 sq. ft. were 73 per cent 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 May 2022 as well."
The weighted average prices of transacted residential properties, as per the registration data, has grown by six per cent on year-on-year basis in May 2022.
According to Knight Frank India, price growth in the Hyderabad market has been strong in recent times. With higher value property being sold in May 2022; the weighted average price has shown an uptrend in all micro–markets of Hyderabad.