Hyderabad: The sale of houses in Hyderabad have been increasing dramatically. From January to September 2024 houses worth Rs 36,461 crore were sold in the city which shows 34 per cent year-on-year rise. The number of registrations were 59,386 which increased by an annual rate of 13 per cent, as per a report by Knight Frank India published on October 24.
The report highlighted that though there was immense growth in these nine months period (January-September) this year, there was a dip in registration in the month of September due to the observance of the Shradh/Pitra Paksha period. The period was observed this year from September 17 to October 2. During this time a decline in registration is observed as most of the buyers refrain from making any notable investment in this period. According to Hindu calender the period is not considered auspicious for carrying out major purchases.
Properties priced above Rs 1 crore saw 79 per cent year-on-year rise
As per the report, there was an increase of 9 to 14 percent in the sale of homes worth Rs 1 crore and above, during this 9 month period. At the same time, the registration (not sale) of homes priced above 1 crore showed a year-on-year rise by whooping 79 per cent. This shows that the preference of home buyers is constantly shifting towards high-valued properties.
Knight Frank India, Chairman and Managing Director, Shishir Baijal said, “The number of buyer have increased in high-priced property sale and registration, this indicates a change in the preference of homebuyers. This has been boosted by strong economic growth and moderate interest rates due to which the housed priced above 1 crore saw 79% Y-o-Y increase in registration.”
Buyers preferring bigger size properties
The report also suggest that the homebuyers are preferring properties that are bigger in size and provide better facilities. It revealed that Hyderabad and Rangareddy were among the priorities of top five deals in September 2024. The size of the houses in these deals were more than 3,000 sq ft and were priced above Rs 4.3 crore.
