Hyderabad, May 20, 2024: The Hyderabad property market is witnessing a positive upswing, with a significant increase in property registrations. According to a recent report by Knight Frank India, the city saw a 15% year-on-year (YoY) growth in property registrations during the first four months of 2024 (January-April).
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Key Findings:
- Registration Rise: A total of 26,027 properties were registered in Hyderabad between January and April 2024, compared to the same period in 2023.
- Value Increase: The total value of these registrations also saw a substantial rise of 40% YoY, reaching a staggering INR 16,190 crore.
- Higher-End Segment Leads: Interestingly, the report highlights a surge in demand for luxury properties. Homes priced above Rs 1 crore witnessed a remarkable 92% YoY increase in registrations, signifying a growing appetite for premium living spaces.
- Mid-Segment Growth: Mid-range properties, valued between Rs 50 lakh and Rs 1 crore, also experienced a healthy rise of 47% YoY in registrations.
Market Dynamics:
Analysts attribute this positive trend to several factors:
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- Economic Growth: Hyderabad’s robust economic growth, driven by strong IT and manufacturing sectors, is fuelling demand for housing across various segments.
- Improved Infrastructure: Investments in infrastructure development, including the metro network and IT corridors, are enhancing overall connectivity and attracting residents and businesses.
- Lower Interest Rates: The prevailing low-interest-rate environment makes homeownership more affordable, particularly for first-time buyers.
Shifting Preferences:
The data suggests a potential shift in buyer preferences. The significant rise in registrations for higher-value properties indicates a growing demand for spacious and luxurious living spaces. This could be driven by factors like:
- Work-from-Home Culture: The rise of remote working arrangements might lead some buyers to prioritise larger homes with dedicated workspaces.
- Increased Disposable Income: A rise in disposable income among certain demographics allows buyers to consider premium properties.
Looking Ahead:
The Hyderabad property market exhibits strong growth potential. With a robust economy, improved infrastructure, and favourable demographics, the city is well-positioned to attract further investment and witness sustained growth in the real estate sector. However, it remains to be seen if this momentum can be maintained throughout the year.
