Registrations rise despite fall in sales

In Hyderabad, while home sales declined during the June quarter, both home sales and registrations increased in June. According to Knight Frank India, home sales worth Rs 4,288 crore were recorded in that month alone. This is a 48% increase compared to June of the previous year and a 14% increase compared to the previous month.

Regarding registrations, June saw 7,014 units registered, marking a 26% year-over-year increase. This is 16% higher compared to the previous month. Home sales increased in Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Overall, in the first six months of the year, 39,220 properties were registered, which is a 15% increase compared to the first six months of 2023. In terms of value, there was a 39% increase. In the first half of 2023, home sales worth Rs 17,490 crore were recorded, which rose to Rs 24,287 crore in the first half of this year.

In June of this year, registrations for homes priced below Rs 50 lakh increased significantly. However, their share in total sales decreased from 70% in June of the previous year to 60%. Meanwhile, homes valued at Rs 1 crore or more increased from 9% to 14%. This indicates that buyers are favouring more spacious, luxury homes.

Additionally, it was observed that buyers are prioritising homes with areas between 1,000 and 2,000 square feet, as evidenced by their 68% share of total registrations in June. The share of homes larger than 2,000 square feet in registrations increased from 11% in June of the previous year to 14% this year.

Regionally, Rangareddy leads with a 43% share of total registrations, which is 5% higher compared to June of the previous year. Medchal-Malkajgiri follows with a 41% share, and Hyderabad with 16%. Medchal-Malkajgiri saw an 11% increase, Rangareddy an 8% increase, and Hyderabad a 7% increase in registrations.