Hyderabad’s real estate market is booming like never before. In the second quarter of 2024, property registrations in the city reached ₹12,000 crore and continue to rise. This significant hike reflects the city’s popularity among homebuyers and investors.
Known for its rapid urban development and robust infrastructure, Hyderabad is attracting more people looking to settle in the city. The demand for premium properties is expected to surge even further, solidifying Hyderabad’s position as one of India’s hottest real estate markets. This growth underscores the city’s appeal as a vibrant and prosperous metropolis.
Debayan Bhattacharya, Principal Partner and Sales Director at Square Yards, also emphasised the robust growth in Hyderabad’s property market. “The Hyderabad property market is on a remarkable upward trajectory,” he stated. “This growth reflects a strong appetite among homebuyers for premium and spacious properties, particularly those from reputable developers.” Bhattacharya highlighted that this wave has attracted several prominent developers, leading to successful project launches in the city.
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Let the Numbers Make Some Noise
- Hyderabad witnessed an 11% year-on-year increase in property registrations, totalling 19,574 transactions between April and June 2024.
- The total registered home sales value surged by an impressive 27% annually, amounting to ₹11,953 crore.
- The number of transactions grew by 4%, highlighting a consistent upward trend in the market’s performance over the past quarters.
- The average registered home sales value in Hyderabad climbed to ₹61 lakh, marking a 15% annual increase.
- Properties priced between ₹50 lakh and ₹1 crore now constitute 28% of transactions, up from 21% in the same period last year.
- Transactions for properties priced between ₹1 crore to ₹2 crore nearly doubled, reaching 14% from 8% previously.
- In the second quarter of 2024, 45% of transactions were for 1,000-1,500 sq ft apartments, indicating a trend towards more spacious and comfortable homes.
- Additionally, 37% of homebuyers opted for properties between 1,500 and 2,000 sq ft, up from 31% last year.
- The total area of homes sold in Q2 2024 reached 29 million sq ft, marking a 15% increase from last year.
Factors Driving Growth
Several factors contribute to Hyderabad’s booming real estate market:
- Economic Growth: Hyderabad’s thriving IT sector and overall economic growth have boosted residents’ purchasing power, increasing demand for premium homes.
- Infrastructure Development: Continuous infrastructure improvements, such as expanding metro lines and enhancing road connectivity, have made the city more attractive to homebuyers.
- Affordable Financing: Low interest rates and favourable home loan terms have made it easier for buyers to invest in larger and more expensive properties.
- Quality of Life: Hyderabad offers a high quality of life with excellent educational institutions, healthcare facilities, and recreational options, making it a preferred destination for homebuyers.
Future Outlook
Hyderabad’s real estate market looks promising. Homebuyers now prefer larger and more expensive homes, reflecting economic growth and changing lifestyle choices. The city’s ongoing development in infrastructure and amenities makes it even more attractive. As more buyers seek larger and costlier properties, Hyderabad is set to remain India’s top real estate destination. This momentum signals a bright future for the city, promising sustained growth and innovation in the real estate sector.
For a detailed report on this read the articles we were featured in:
Hindustan Times: https://bit.ly/3LGPkDV
HTDS: https://bit.ly/3YhMYCS
Realty & More: https://bit.ly/3ytDwBE
Justbureaucracy: https://bit.ly/4doIqPt
Published Date: 26 July, 2024
