Property registration in Greater Hyderabad saw a total of 18,461 sales registration of homes in Q1 2022, lower by 19% compared to same time last year, said Knight Frank India, A real estate consultancy in the country.
The total value of properties transacted in the first quarter is estimated to be Rs 8679.7 crore , a increase of 5% over February 2022.
The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Arpu z75% of residential sales registered during March 2022 occurred in the under Rs 50 lakh ticket size category with sales of home in the price band of Rs 25 – 50 lakhs, contributing 55%.
Demand in the less than Rs 25 lakhs ticket-size however weaken with its share constituting 20% as sales registrations in this category reduced to 1,119 units in March 2022 as against 3,473 units in March 2021. The share of sales registrations of all other ticket-size segments stayed stable or have grown marginally in YoY terms in March 2022.
Shishir Baijal, Chairman and Managing Director said, “For the past several years, Hyderabad had one of the strongest price momentum which in turn depicts demand strength. This was also visible through most of the lockdown, when the market registered significantly higher number of properties. Latent demand for properties as well as other factors like security in employment, growth in house-hold incomes and savings as well as home – loan rates continue to remain attractive for end-users to continue their home purchases.”
The growth seen in the market shares of the mid and high ticket-size segments is also reflected in the share of sales in various unit size ranges. The share of sales in unit-sizes over 1,000 sq ft maintained its share at approximate 81% of all home sales registrations in March 2022. Of these, homes in the size of 1,000 – 2,000 sq. ft. consist of 73% of all sales registered during the period. The trend of homebuyers looking to upgrade and move into larger living quarters, that was sparked by the pandemic, continued to hold strong in March 2022 as well.
The weighted average transacted price of residential properties, as per the registration data, has grown by 10% YoY in March 2022. The area of Sangareddy saw the highest movement of 30% YoY in March 2022 indicating more higher value products were sold in this location. Price growth in the Hyderabad market has been strong in recent times. With more higher value property being sold in March 2022, the weighted average price has shown an uptrend in all micro – markets of Hyderabad.