Golconda Fort takes a back seat as it slowly disappears behind new apartments and office blocks in Hyderabad. A number of tombs in the foreground of Golconda are no longer visible.
| Photo Credit: File photo
According to the recent report of Knight Frank India, Hyderabad saw the registration of 6,416 residential properties in March 2024, marking a 10% month-on-month (MoM) decline. The total value of registered properties amounted to ₹ 4,039 crore, representing a 7% monthly decrease.
The Hyderabad residential market includes four districts: Hyderabad, Medchal Malkajgiri, Rangareddy, and Sangareddy.
In March 2024, properties priced between ₹25 and 50 lakh constituted 45% of all registrations in Hyderabad. Properties priced below ₹25 lakh declined in their share, comprising 14% of total registrations. The proportion of sales registrations for properties priced at ₹1 crore and above increased to 16% in March 2024, from 10% in March 2023.
According to the report, registrations in March 2024 were predominantly for apartments ranging from 1,000 to 2,000 square feet, making up 70% of total registrations. Demand for smaller homes (below 1,000 square feet) decreased to 16% in March 2024 from 20% in March 2023, while properties larger than 2,000 square feet saw increased demand, rising to 15% in March 2024 from 10% in March 2023.
At the district level, Rangareddy emerged as the leading contributor to registrations in March 2024, capturing 46% of the market. Medchal Malkajgiri and Hyderabad districts accounted for 40% and 14% of total registrations, respectively. The weighted average price of transacted residential properties witnessed a YoY increase of 12% in March 2024. Among the districts, Medchal-Malkajgiri experienced an increase of 13% YoY, while Ranga Reddy and Hyderabad saw rises of 8% and 3% YoY, respectively.
In addition to bulk transactions, home buyers also invested in plush properties offering larger sizes and better amenities. The top five deals for March 2024 all occurred in Rangareddy, featuring properties sized over 3,000 square feet and valued upwards of ₹ 5.3 crore. Four of these deals were in Kondapur, with one recorded in Kokapet in the West, the report said.