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Hyderabad's residential property market thrived in May 2023, with 5,877 registrations, a 31 percent increase from the previous month. The total value of registered properties also rose by 31 percent to INR 2,994 crore. The market saw demand for properties between 1,000 and 2,000 sq. ft, with the Medchal-Malkajgiri district leading in sales. Prices showed a YoY increase of 3 percent, with Hyderabad experiencing the highest surge at 8 percent. Buyers showed interest in larger, high-value homes with better amenities. The market remains strong, driven by the RBI's decision to hold interest rates and buyers' preferences for spacious properties.
Knight Frank India's latest assessment highlights the robust performance of the residential property market in Hyderabad. In May 2023, there were 5,877 registrations of residential properties, marking a significant 31 percent month-on-month increase. This surge was mirrored in the total value of registered properties, which amounted to Rs 2,994 crore, also up by 31 percent compared to the previous month. The Hyderabad residential market encompasses four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy.
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Within the category of registered properties, those ranging from 500 to 1,000 square feet (sq. ft) constituted 16 percent of the total, slightly lower than the 17 percent recorded in May 2022. However, there was a moderate rise in the share of registrations for properties sized between 2,000 and 3,000 sq. ft., increasing from 7 percent in May 2022 to 8 percent in May 2023. The most substantial share, comprising 70 percent, belonged to properties ranging from 1,000 to 2,000 sq. ft.
Analyzing the districts, the study reveals that the Medchal-Malkajgiri district accounted for 45 percent of home sales registrations, followed closely by the Rangareddy district with 39 percent. The district of Hyderabad contributed 16 percent to the total registrations in May 2023.
Regarding prices, the weighted average prices of transacted residential properties observed a 3 percent year-on-year increase in May 2023. Notably, Hyderabad experienced the highest price surge at 8 percent year-on-year, indicating a higher number of high-value homes being sold in that area during the period. The Medchal-Malkajgiri market also witnessed a price growth of 4 percent in May 2023.
During May 2023, residential sales in Hyderabad primarily revolved around properties ranging from 1,000 to 2,000 sq. ft, with the price range of Rs 25 to 50 lakhs accounting for the highest number of registrations. However, alongside the prevalence of bulk transactions, there was also significant interest in luxurious properties offering more spacious and superior amenities. Some of these high-end deals took place in markets such as Hyderabad, Medchal-Malkajgiri, and Rangareddy, where the properties exceeded 3,000 sq. ft in size and were valued at Rs 4 crore or above.
The process of property registration in Hyderabad at the Sub-Registrar Office entails several steps. First, the verification of payment for stamp duty, registration fees, and other necessary charges takes place. Next, the document being registered is adorned with endorsements. The sub-registrar then proceeds to register the document by assigning it a regular document number while also collecting the thumb impressions of the involved parties. Unlike many other states, Hyderabad imposes a registration charge of 2 percent of the deal value, rather than the usual 1 percent. However, if the property falls outside a gram panchayat area, the registration charge is reduced to a mere 0.5 percent.
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