Recorded 6,493 property registrations in August, up 15% y-o-y: Report

Hyderabad: Hyderabad experienced a significant surge in residential property registrations in August 2023, with a total of 6,493 properties recorded. This represented a 15 percent increase compared to the same month in the previous year and a notable 17 percent rise when compared to the preceding month, as reported by property consultancy firm Knight Frank on September 14. The total value of these registered properties for the month amounted to Rs 3,461 crore, marking a substantial 22 percent uptick in comparison to August of the previous year. Shishir Baijal, the Chairman and Managing Director of Knight Frank India, attributed this remarkable growth in Hyderabad housing market to several factors. First and foremost, there is a growing demand for improved living spaces, especially within modern residential complexes offering a wide array of amenities. Additionally, the Reserve Bank of India’s decision to maintain stable interest rates since April 2023 has played a pivotal role in bolstering buyer confidence. The report also shed light on the affordability aspect of these properties. In August, a significant portion of property registrations in the city fell within the price range of Rs 25-50 lakh, constituting 52 percent of the total registrations. Properties priced below Rs 25 lakh made up 16 percent of the overall registrations. Meanwhile, there was a slight increase in registrations for properties with price tags of Rs 1 crore and above, accounting for 9 percent in July 2023, compared to 8 percent in July 2022. Regarding property sizes, the demand in August 2023 primarily centered around properties ranging from 1,000 to 2,000 square feet, making up a substantial 70 percent of the total registrations. There was also a growing interest in smaller homes ranging from 500 to 1,000 square feet, which constituted 16 percent of the total registrations in August 2023, compared to 15 percent in the previous year. Additionally, larger properties exceeding 2,000 square feet saw an increase in demand, representing 11 percent of the total registrations in August 2023, up from 9 percent in August 2022.