More than 54000 houses worth Rs.33,000 crore sold in Hyderabad in 2024: Knight Frank

Hyderabad recorded a total of 54,483 home sales valued at Rs.33,641 crore from January to August 2024. This represents an 18% year-on-year increase in the number of registrations and a 41% annual rise in the value of homes sold during this eight-month period, according to IGR data.

In August alone, the city recorded sales registrations for 6,439 residential properties valued at Rs.4,043 crore. This indicates a 17% year-on-year increase in the value of homes for the month, although the number of registrations showed a 1% decline, according to an analysis by real estate consultancy Knight Frank India. 

The Hyderabad residential market includes four districts—Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy—encompassing home sales in both the primary and secondary real estate markets.

The Chairman and Managing Director, Knight Frank India,Shishir Baijal said,”Hyderabad’s residential market is thriving, especially in the luxury segment, as an increasing number of homebuyers look for spacious layouts and premium amenities. This trend reflects a wider national shift towards high-end housing.”

The analysis said that, the properties priced under Rs.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.

The sales of luxury homes which are priced Rs.1 crore and above soared to 15% this year, from 9% during the same period in 2023.

Baijal also added, “Supported by robust economic growth and favorable interest rates, buyer confidence is increasing, as evidenced by a significant 61% year-on-year rise in registrations for homes priced over Rs.1 crore in August 2024. This trend towards higher-value properties highlights the growing preference for upscale living throughout the city.”

The report indicated that in August, the majority of registered properties in the city were in the range of 1,000 to 2,000 square feet, accounting for 69% of all registrations.

The analysis revealed that the weighted average price of residential properties transacted in August 2024 saw a year-on-year increase of 9%. Among the districts, Rangareddy experienced the highest rise at 10%, while Medchal-Malkajgiri and Hyderabad saw increases of 8% and 2%, respectively.

During August, 3 BHK residential units emerged as the most popular category, accounting for 64% of the launches, up from 56% during the same period last year. In contrast, the share of 2 BHK units fell from 25% to 20% year-on-year. Demand for larger configurations like 4 BHK (8%) and 5 BHK (2%),also saw a slight decline of 1% each compared to the previous year, while the demand for smaller units like 1 BHK (2%) and 2.5 BHK (4%) remained relatively stable.