Hyderabad Real Estate Market Booms in October 2023
Hyderabad’s Residential Real Estate Market Witnesses Robust Growth in October 2023
The Hyderabad residential real estate market exhibited a remarkable surge in growth during October 2023, with a 25% year-on-year (YoY) increase in property registrations. This upward trend is indicative of a growing appetite for residential properties in Hyderabad, driven by a combination of factors such as improved infrastructure, economic growth, and a burgeoning IT industry.
Key Highlights of October 2023 Residential Property Registrations
- Total property registrations: 5,787
- YoY increase: 25%
- The total value of properties registered: Rs. 3,170 crore
- YoY increase: 41%
Price Segmentation and Size Preferences
The price range of Rs. 25 lakh to Rs. 50 lakh accounted for the highest proportion of property registrations, capturing 50% of the market share. This indicates a continued demand for affordable housing options in Hyderabad. However, there was also a notable increase in demand for higher-value properties, with properties priced above Rs. 1 crore witnessing a 2% rise in registrations compared to October 2022.
In terms of size preferences, properties in the 1,000-2,000 sq ft range dominated the market, accounting for 69% of registrations. While there was a slight moderation in demand for smaller homes (500-1,000 sq ft), properties larger than 2,000 sq ft saw an increase in demand.
District-Level Analysis
Medchal-Malkajgiri maintained its position as the leading district for home sales registrations, accounting for 43% of the total. Rangareddy district followed closely with 42% of sales registrations, while Hyderabad district accounted for 14%.
Price Trends
The weighted average prices of transacted residential properties witnessed a YoY increase of 6.8% in October 2023. Among the districts, Hyderabad, Medchal-Malkajgiri, and Rangareddy all experienced a 6% increase in property prices respectively.
Factors Driving Growth
The robust growth of Hyderabad’s residential real estate market can be attributed to several factors:
- Improved infrastructure: The development of new roads, metro rail, and other infrastructure projects has enhanced connectivity and accessibility within the city, making it more attractive for potential homeowners.
- Economic growth: Hyderabad’s strong economic growth, driven by the IT and ITeS sectors, has created employment opportunities and boosted the purchasing power of residents.
- Burgeoning IT industry: The presence of numerous IT and ITeS companies in Hyderabad has attracted a large workforce, fueling demand for residential properties.
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