Hyderabad Sees Unprecedented Growth in Residential Market with Over 54,000 Home Sales in 2024
Hyderabad's residential market is flourishing, particularly in the luxury segment, as more homebuyers seek spacious layouts and premium amenities.
HyderabadReal EstateResidential MarketHome SalesLuxury SegmentReal EstateSep 20, 2024
The city saw sales registration of 6,439 residential properties worth ₹4,043 crore in August alone, reflecting a 17% year-on-year growth in the value of homes during the month, and a 1% moderation in the number of registrations.
The Hyderabad residential market encompasses four districts - Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, covering home sales both within the primary and secondary real estate markets.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, “Hyderabad’s residential market is flourishing, particularly in the luxury segment, as more homebuyers seek spacious layouts and premium amenities. This aligns with the broader national trend toward high-end housing.”
The analysis by Knight Frank India revealed that properties priced under ₹50 lakh grabbed the largest share of the registrations pie in Hyderabad, though the segment’s share dropped to 59% in August 2024, from 67% in the same month last year. Meanwhile, sales of homes priced at ₹1 crore and above soared to 15% this year, from 9% during the same period in 2023.
The report highlighted that in the month of August, most registered properties in the city were concentrated in the range of 1,000 to 2,000 square feet, comprising 69% of all registrations. Simultaneously, there was a decrease in demand for smaller homes (below 1,000 sq ft) with registrations dropping to 17% in August 2024 from 19% in August 2023.
Conversely, demand for larger properties (over 2,000 sq ft) increased with registrations rising to 14% from 11% in the same period last year. At a district-level, Rangareddy led property registrations with 42% of the market, up from 39% in August 2023.
According to the analysis, the weighted average price of transacted residential properties witnessed a year-on-year increase of 9% during August 2024. Among the districts, Rangareddy, experienced the sharpest increase of 10% year-on-year while, Medchal-Malkajgiri and Hyderabad experienced an increase of 8% and 2% annually respectively.
The analysis showed that there was a shifting preference witnessed in favour of more spacious homes, reflecting evolved buyer preferences and a dynamic market response, adapting to varied housing needs. In the month of August, residential units of 3 BHK configuration stood as the most popular category accounting for 64% of the launches, compared to a 56% share in the same period last year.
Knight Frank India is a leading international property consultancy that provides a comprehensive range of services across various asset classes. With a strong presence in India, the company has been a key player in the country's real estate market for over two decades.
Frequently Asked Questions
What is the total number of home sales in Hyderabad between January-August 2024?
54,483
What is the total value of home sales in Hyderabad between January-August 2024?
₹33,641 crore
Which district led property registrations in Hyderabad in August 2024?
Rangareddy
What is the weighted average price increase of transacted residential properties in Hyderabad in August 2024?
9%
What is the most popular configuration of residential units launched in Hyderabad in August 2024?
3 BHK
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