In a notable surge in the Hyderabad property market, July 2024 witnessed a substantial 48% year-on-year (YoY) increase in property registrations, amounting to Rs 4,266 crore. According to Knight Frank India’s latest report, the total number of registrations for the month reached 7,124 units, reflecting a 28% YoY growth. This uptick contributes to a cumulative total of 46,368 home registrations in Hyderabad since January 2024, marking a 17% increase compared to the same period last year. Furthermore, the state has experienced a significant rise in stamp duty revenue, which surged to Rs 28,578 crore between January and June 2024, up by 40% YoY.
In July 2024, properties valued under Rs 50 lakh remained the dominant segment, although their share decreased from 69% in July 2023 to 61% this year. Conversely, there has been a marked shift towards higher-value properties. Registrations for homes priced at Rs 1 crore and above have risen substantially, climbing to 13% of the total in July 2024 from 9% in the previous year. This shift underscores a growing preference among buyers for premium properties, with registrations for such high-value homes showing a remarkable 94% YoY increase in July 2024.
The data suggests a discernible trend in Hyderabad’s real estate market, where despite the continued popularity of affordable housing, there is a notable inclination towards higher-end properties. This shift could be indicative of the evolving economic conditions and changing buyer profiles in the city. The robust performance in both registration volumes and revenue highlights a dynamic property market that continues to attract significant investment and interest.
