Hyderabad surges in the second quarter
Hyderabad is experiencing a strong momentum in property registrations. According to the latest report by PropTech, real estate registrations in Hyderabad are expected to reach ₹12,000 crore in the second quarter of 2024. During the April-June 2024 period, Hyderabad saw a 11% increase in property registrations, reaching 19,574 transactions. The value of home sales increased by 27%, while the number of transactions grew by 4%.
In Hyderabad, the average registered home sale value has reached Rs 61 lakh, reflecting a 15% annual growth, according to the report. In the June quarter, transactions for properties priced between Rs 50 lakh and Rs 1 crore accounted for 28% of the total deals, up from 21% in the same period last year. Transactions for properties priced between Rs 1 crore and Rs 2 crore increased from 8% to 14%.
The report also indicates a growing interest among buyers in more expensive properties. In the second quarter of 2024, nearly 45% of transactions were for apartments ranging from 1,000 to 1,500 square feet. At the same time, 37% of transactions were for apartments ranging from 1,500 to 2,000 square feet, up from 31% in the same period last year. The total area of homes sold during this period reached 29 million square feet, a 15% increase compared to the previous year.
Regionally, 46% of the total residential transactions in the June quarter were concentrated in Hyderabad West, while Hyderabad East accounted for a 15% share. In terms of sales value, the West micro-market dominated with a 58% share, while Central Hyderabad had an 11% share and East Hyderabad had a 10% share.
