Covid third wave hits Hyderabad real-estate sector hard

Hyderabad's real estate has been hit by the third wave, despite its mild effect. During January, the city documented a decline of 27 percent year-on-year in-home registrations. 

In January 2022, Hyderabad noticed registrations of 5,568 homes, with the majority coming from the sub ₹50-lakh segment. 

As per the report by Knight Frank India, ordinary market operations like site visits and registration of documents were adversely affected because of mobility restrictions during the month.  

The total value of real estate properties transacted was estimated at ₹2,695 crores in the four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. 

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said "Hyderabad was the best performing residential market in terms of primary sales, among the top eight in India during 2021. However, the drop in registration activity caused by the mobility restrictions due to the third wave of Covid-19 in January this year has impacted sales across many markets in India, including Hyderabad."   

He also added, “We expect that sales registration volumes in the market should regain lost ground once normal market operations resume, given that other market indicators such as prices continue to see steady growth despite the impact of the pandemic."