In a significant development for Hyderabad's real estate sector, the first four months of 2024 have witnessed a remarkable shift towards higher-value properties, signaling robust growth and evolving consumer preferences. According to the latest report by Knight Frank India, the city recorded a total of 26,027 property registrations with an aggregate value of Rs 16,190 crores during this period, marking a notable 15% increase in registrations and a substantial 40% surge in total value compared to the same timeframe in the previous year.

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Growth in Property Registrations

The surge in registrations was predominantly driven by homes priced at Rs 1 crore and above, which saw an impressive 92% year-on-year increase. Additionally, mid-segment homes ranging between Rs 50 lakhs and Rs 1 crore also experienced a significant uptick, rising by 47% year-on-year. This surge underscores a clear preference among homebuyers for properties offering enhanced space and amenities, reflecting a shift towards a more upscale residential market in Hyderabad.

Market Dynamics and Price Trends

Hyderabad's residential market encompasses four key districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, each contributing to the overall dynamics of both primary and secondary real estate markets. The report highlights a substantial increase in the average transaction prices across these districts, with Rangareddy and Medchal-Malkajgiri witnessing the sharpest year-on-year price hikes at 18% and 15%, respectively.

Shift Towards Larger Properties

In April 2024, the majority of registered properties in Hyderabad were in the 1,000 to 2,000 square feet range for apartments, accounting for 70% of all registrations. Notably, there was a noticeable decline in demand for smaller homes below 1,000 square feet, reflecting changing consumer preferences toward larger living spaces that offer superior amenities and comfort.

Luxury Takes Center Stage

The most striking aspect of this boom is the undeniable shift towards expensive properties. Homes priced above Rs 1 crore witnessed a staggering 92% YoY increase in registrations, showcasing a growing appetite for luxury living. Interestingly, mid-segment homes (Rs 50 lakh to Rs 1 crore) also saw a significant rise of 47% YoY.

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Insights from Industry Experts

Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributes this shift to a post-pandemic lifestyle change. Homebuyers are prioritizing spacious properties with premium amenities, and developers are adapting their offerings accordingly. Buyers are increasingly willing to pay a premium for enhanced living experiences.

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District-level Insights

Rangareddy emerged as the leading district for property registrations in April 2024, capturing 45% of the market share, up from 39% in the same period last year. Medchal-Malkajgiri and Hyderabad district followed closely, contributing 39% and 16% respectively to the total registrations. This distribution underscores Rangareddy's growing prominence as a preferred residential destination in Hyderabad.

Developer Strategies and Launch Trends

Developers in Hyderabad have responded to evolving consumer demands by increasingly focusing on the construction of 2-bedroom (2-BHK) and 3-bedroom (3-BHK) units. The share of 2-BHK apartment launches rose from 27% to 31% year-on-year, while 3-BHK units maintained a dominant market share, increasing from 56% to 59% during January to April 2024. This strategic alignment with consumer preferences reflects the dynamic nature of the real estate market and anticipates continued growth in the coming months.

Future Outlook

Looking ahead, the Hyderabad real estate market is poised for further growth, driven by sustained demand for higher-value properties and evolving consumer aspirations for spacious, well-appointed homes. Developers are expected to continue adapting their strategies to cater to these preferences, focusing on delivering projects that offer not just residential units but also enhanced lifestyle amenities.

Conclusion

In conclusion, the surge in property registrations and the shift towards expensive properties in Hyderabad underscore a robust real estate market bolstered by changing consumer dynamics and strategic developer initiatives. As the city continues to expand and evolve, these trends are likely to shape the future landscape of Hyderabad's residential sector, offering both challenges and opportunities for stakeholders across the industry.

Stay tuned for more updates on Hyderabad's dynamic real estate market as we track developments and trends shaping the city's housing landscape in the months to come. For those considering investment or relocation, Hyderabad's evolving market presents a compelling case for exploring its diverse residential offerings.

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Source: news18.com