Hyderabad sees residential sales worth Rs 3,741 crore in November

Hyderabad: Hyderabad in the month of November registered an increase in the sales of residential properties, marking a jump as much in volume as in value. According to the latest report from Knight Frank India, the city witnessed the registration of 6,268 residential properties, at an astonishing value of 3.741 million rupees. This shows a significant rebound, which illustrates an interannual increase of 2 percent and a monthly increase of 8 percent. The increase in enrollments represents a progress in purchasing trends, as the findings of the report highlight. In particular, a considerable 71 percent of the dwellings registered were found within the size range of 1,000 to 2,000 square feet. This change reflects a growing preference among buyers for moderately spacious habitable spaces. A key revelation of the report indicates a substantial increase in property prices during November 2023, with an average weighted increase of 13,8 percent interannual. The disclosure of property records by price rank shows a significant transformation in the preferences of buyers. The houses with a price between Rs 25 and Rs 50 lakh represented 48 per cent of the total registrations, followed by 13 per cent of the properties below Rs 25 lakh. Curiously, properties valued at Rs 1 million or more experienced a significant increase, constituting 13 per cent of the records, an increase of 7 per cent in November 2022. The smallest properties, of less than 1000 square feet, will experience a decrease in inscriptions from 25 percent in November of 2022 to 15 percent in November of 2023. Conversely, the largest properties of more than 2000 feet square will experience An increase in demand, representing 14 percent of enrollments in November 2023. compared with 11 percent in the same period last year. Medchal-Malkajgiri and Rangareddy emerged as the main contributors, each representing 43 percent of the total number of registrations in November 2023. The district of Hyderabad maintained a steady share of 14 percent of the total number of registrations. The main transactions of the month reflect an interesting trend of acquisitions of luxury properties in markets such as Banjara Hills and Begumpet. Shishir Baijal, president and director general of Knight Frank India, noted an increase in the ability of developers to respond to the evolution of the preferences of buyers, which led to a significant increase in real estate developments and a greater confidence of the buyers. Proportion of the size of the bill and the inscriptions Ticket size (Rs) November 2022 November 2023 > 25 lakh 23% 13% 25-50 lakhs 50% 48% 50-75 lakh 14% 17% 75 lakh-1 crore 6% 9% 1 crore – 2 crore 6% 10% > 2 million rupees 1% 3% (Source: Knight Frank India, Department of Registration and Sales of Telangana)