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In June 2024, Hyderabad recorded its second-highest monthly-residential-sales, with home registrations worth INR 4,288 crore, a 48% YoY and 14% MoM increase. The city registered 7,014 units, up 26% YoY and 16% MoM. From January to June 2024, 39,220 properties were registered, a 15% YoY rise, valued at INR 24,287 crore, a 39% increase. The average home cost rose 21% YoY. Properties under INR 50 lakhs saw a decline in registrations, while those over INR 1 crore rose to 14%. Demand for homes sized 1,000-2,000 sq-ft dominated, with larger properties also seeing increased interest.
In June 2024, Hyderabad's residential market achieved its second-highest monthly sales, with Knight Frank India reporting that homes worth INR 4,288 crore were registered. This figure reflects a significant increase of 48% year-on-year (YoY) and 14% month-on-month (MoM). The total number of registrations reached 7,014 units, marking a 26% YoY and 16% MoM rise. The market spans the districts of Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, including both primary and secondary real estate markets. Advertisement
From January to June 2024, Hyderabad saw a total of 39,220 residential properties registered, a 15% increase compared to the same period in 2023. The cumulative value of these properties rose to INR 24,287 crore, indicating a 39% YoY increase from INR 17,490 crore registered between January and June 2023. This rise also underscores a 21% average increase in home prices during the first half of 2024 compared to the same period in 2023.
In June 2024, properties priced below INR 50 lakhs constituted the largest category of registrations, though their share decreased from 70% in June 2023 to 60% in June 2024. In contrast, the share of registrations for properties costing INR 1 crore and above increased from 9% in June 2023 to 14% in June 2024. This shift indicates a growing preference among homebuyers for higher-value homes, with registrations for properties over INR 1 crore rising sharply by 96% YoY.
The majority of registered properties in June 2024 were in the range of 1,000 to 2,000 square feet, accounting for 68% of all registrations. There was a decline in demand for smaller homes (below 1,000 sq ft), with registrations for this category falling from 21% in June 2023 to 18% in June 2024. Conversely, demand for larger properties exceeding 2,000 square feet increased, with registrations rising from 11% in June 2023 to 14% in June 2024.
The weighted average price of transacted residential properties saw a sharp 10% YoY increase in June 2024. Among the districts, Medchal-Malkajgiri experienced the highest increase at 11% YoY, while Rangareddy and Hyderabad saw increases of 8% and 7% YoY, respectively.
In addition to bulk transactions, there was notable activity in the market for high-end properties. The top five deals in June 2024 were concentrated in Rangareddy and Hyderabad, featuring properties over 3,000 square feet and valued above INR 7.1 crore. Four of these top transactions occurred in West Hyderabad, with one in Jubilee Hills, Central Hyderabad, reflecting a trend towards purchasing larger, more luxurious homes with superior amenities.
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