Residential property registrations up by 15%

The Reserve Bank of India’s decision to keep interest rates steady since April 2023 and the demand for convenient living spaces has driven registrations of residential properties in Hyderabad, leading to 6,493 homes registered in August 2023, the second highest in the year. The highest was in March 2023 wherein6,959 units were registered. In its latest assessment, property consultant Knight Frank India noted that Hyderabad recorded registrations of 6,493 residential properties in August 2023, a rise of 15 per cent year-on-year, compared to 5,656 units in the same month last year and 17 per centgrowth month-on-month, as against 5,557 units in the month of July,2023. The total value of properties registered during the month stood at Rs 3,461 crore which has also increased by 22 per centy-o-y and 20 per centm-o-m.

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

On the growth, Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “The housing market in Hyderabad is on a significant upswing, driven by a rising demand for improved living spaces, particularly in modern complexes equipped with numerous amenities. Additionally, the RBI’s decision to keep interest rates steady since April 2023 has further boosted buyer confidence.”

In August 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25-50 lakh, accounting for 52 per cent of the total registrations, whileproperties priced below Rs 25 lakh constituted 16 per cent.