A report by major proptech firm Square Yards shows that the home-buyers in India are majorly picking huge and luxury homes. As per the report, the property registrations in Hyderabad surged to 11 % Y-o-Y to 19,574 transactions accounting to a total value of Rs.11, 953 crore during the period between April-June 2024.
The registered housing sales amounted to 27% per annum meanwhile the number of transactions increased to 4% successively.
In accordance with the report, the segment of transactions for properties valued between Rs.50 lakh to Rs.1 lakh crore surged to 28% in the June quarter, from 21% during the same period in the preceding year. In addition, the part of transactions for properties valued between Rs.1-2 crore closely increased into two-fold, surging to 14% from 8% in the same period last year.
Also the report underscored that the transformation towards more luxurious properties matches with a desire for huger homes. Nearly 45% of transactions in the second quarter of 2024 were for the apartments with a size between 1,000-1,500 sq.ft. In the meantime, 37% were for those sized between 1,500-2,000 sq.ft from 31% in the same period. Throughout the period, the total area of houses sold achieved 29 million sq.ft, 15% greater as associated to the year-age period.
Expressing to this, Debayan Bhattacharya, Principal partner & Sales Director, Square Yards, “The Hyderabad property market is on a remarkable upward trajectory…This growth reflects a strong appetite among homebuyers for premium and spacious properties, particularly those from reputable developers”.
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