Registration of homes in Hyderabad region falls 7% in May: Report

New Delhi: Registration of residential properties in Hyderabad region fell 7 per cent annually to 5,877 units in May, according to property consultant Knight Frank India.

The residential market of Hyderabad region includes four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

Hyderabad recorded registrations of 5,877 residential properties in May 2023, up 31 per cent from previous month. However, it was 7 per cent lower from March last year.

The total value of properties registered stood at Rs 2,994 crore.

At a district level, the study shows Medchal-Malkajgiri district recorded 45 per cent of the home sales registrations followed by sales registrations at Rangareddy district at 39 per cent. The share of Hyderabad district in total registrations was 16 per cent during May 2023.

Knight Frank said the highest proportion of property registrations in Hyderabad region last month was in the price range of Rs 25-50 lakh, accounting for 55 per cent of the total registrations.

Registrations for properties priced below Rs 25 lakh constituted 17 per cent of the total registered properties during May.

The share of sales registrations for properties with ticket sizes of Rs 1 crore and above increased to 9 per cent in May 2023, compared to 6 per cent in May last year.

The share of properties sized 1,000-2,000 square feet remained the highest with a total share of 70 per cent during May 2023.

The weighted average prices of transacted residential properties witnessed a YoY increase of 3 per cent during the last month.

Samson Arthur, Senior Branch Director at Knight Frank India, said, "The Hyderabad residential market remains sanguine reflecting the strong appetite of home buyers considering most of the demand has come for homes ranging within 1,000-2,000 sq ft."

"Pause by the RBI with respect to increase in the interest rates has also buoyed the sentiments of home buyers to undertake home buying in high value homes with more space and amenities," he said.