However, in September 2024, there was a noticeable decline in sales, with figures dropping to Rs 2,820 crore, down by 18% year-on-year. The number of registrations also saw a decrease, falling by 22% to 4,903. This decline is attributed to the observance of the Shradh/Pitra Paksha period, which is considered inauspicious for buying or registering homes according to the Hindu calendar.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Hyderabad’s residential market is showing significant promise, particularly in the over Rs 1 crore segment. More homebuyers are seeking spacious layouts and premium amenities, reflecting a broader national shift towards high-end housing. Strong economic growth and favourable interest rates have bolstered buyer confidence, leading to a 79% y-o-y increase in registrations for homes priced above Rs 1 crore in the first nine months of 2024. This rising demand for higher-value properties underscores the city’s clear move toward upscale living.”
The residential market in Hyderabad encompasses four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. These areas cover sales relevant to both primary and secondary real estate markets.
In Hyderabad, there has been a noticeable shift in the real estate market. While properties priced under Rs 50 lakhs have traditionally been the most popular, there has been a significant increase in the demand for higher-value properties in recent months. Specifically, there has been a remarkable 5% increase in the sales of homes priced at Rs 1 crore and above during the first 9 months of 2024, indicating a clear trend towards premium properties. Registrations for homes over Rs 1 crore saw a substantial 79% year-on-year rise during January-September 2024, reflecting the changing preferences of homebuyers in the city.
In September 2024, the majority of registered properties in Hyderabad fell within the 1,000 to 2,000 square feet (sq ft) range, accounting for 68% of all registrations. Interestingly, there has also been a growing demand for larger properties, with registrations for properties over 2,000 sq ft increasing from 13% to 11% during the same period. This suggests an evolving real estate landscape in Hyderabad, with a noticeable interest in larger living spaces.At a district-level, Medchal-Malkajgiri led property registrations with 42% of the market, up from 45% in September 2023. Rangareddy and Hyderabad district accounted for 39% and 19% of the total registrations respectively.In September 2024, there was a significant increase in the purchase of high-end properties in Hyderabad and Rangareddy. The top five real estate deals involved properties larger than 3,000 sq ft, with values exceeding Rs 4.3 crore. Notably, four of these top deals were located in Central Hyderabad, while the fifth was in Narsingi, West Hyderabad. An in-depth analysis of Hyderabad’s real estate market in September 2024 revealed a notable trend in apartment launches, it said.
The report mentioned, the number of units launched for larger properties increased from 60% in September 2023 to 70% in September 2024, while the launch of smaller units dropped from 29% to 27% year-on-year. This shift indicates a growing preference for more spacious homes, reflecting evolving buyer preferences and a dynamic market adapting to diverse housing needs.
