Despite rising prices, Hyderabad’s real estate market witnesses a remarkable surge with a 25% increase in property registrations in November. The report unveils key insights, emphasizing the city’s enduring appeal and the impact of steady policy rates on homebuyers.
Hyderabad’s Real Estate Continues to Soar: 25% Surge in Property Registrations
Hyderabad, a cornerstone in India’s property market, defies price hikes with a resounding 25% increase in property registrations in November. Despite the upward trend in prices, the city’s real estate sector remains buoyant, marking a record-setting month, as revealed by Knight Frank’s recent report.
Stellar Growth in Property Registrations
In November 2023, Hyderabad experienced a substantial uptick in property registrations, recording a remarkable 25% surge. A total of 6,268 deals were transacted, amounting to a staggering Rs. 3,741 crores in property value. Notably, this reflects a 29% growth compared to the same period last year. The data suggests a prevalent inclination towards higher-priced properties among buyers.
Factors Driving Hyderabad’s Real Estate Boom
Shishir Baijal, Chairman, MD, Knight Frank India, attributes the sustained growth to the Reserve Bank of India’s steadfast maintenance of key policy rates since April 2023. This unwavering support has bolstered homebuyers, contributing to a steady uptrend in property sales. Baijal emphasizes the responsiveness of sellers in aligning housing offerings with buyer preferences, influencing both pricing dynamics and the demand for luxury residences.
Year-Long Success: Key Statistics
Between January 2023 and November 2023, a robust 64,658 units were sold in Hyderabad concerning the value of property registrations and sales. The cumulative revenue generated through registrations and stamp duty during this period reached an impressive Rs. 34,205 crores, marking a two-year high. Hyderabad’s residential market spans four districts: Hyderabad, Medchel Malkajgiri, Rangareddy, and Sangareddy.
Demand Dynamics: Insights from November 2023
The report underscores the dynamic demand in November 2023, with the majority of property registrations falling within the Rs. 25 lakh to Rs. 50 lakh price range, accounting for 48% of the registrations. This signals a robust market for houses in this price bracket. Additionally, registrations for properties valued at Rs. 1 crore and above constituted 13%, indicating a notable 7% increase compared to November 2022.
Conclusion: Upholding the Appeal
In conclusion, Hyderabad’s real estate market continues to attract buyers, showcasing resilience amid price increases. The November surge in property registrations reflects the city’s enduring appeal, driven by strategic policies and a responsive market. Hyderabad remains a focal point for real estate activity, poised for sustained growth.