Hyderabad real estate has seen a jump in the first six months of 2023. The real estate sales have hit a 15 year record of 1,26,587 units in the first half of 2023. This is nearly 21% higher than previous year.
The highest recorded Residential Projects for Sale in Hyderabad in the first half of 2023 were 15, 925 which is 69% more than last year. After Hyderabad, real estate sales recorded at Bengaluru, Mumbai and Pune are 26, 625 units, 26,188 units and 25,201 units respectively.
Hyderabad had a record property registrations of 5,557 residential properties in July 2023 which is a 26% year-on-year (y-o-y) rise. Total value of the registered properties summed up at Rs 2,878 crore, which has boosted by 35% y-o-y.
In July 2023, the highest range of property registration was Rs. 25-50 lakhs adding to 52% total registrations. Those tagged below Rs 25 lakh comprised 18% of the total registration. The share sales for properties was also little higher than July 2022.
The Hyderabad real estate market includes four major districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The demands of Residential Projects for Sale in Hyderabad in July 2023 were more in the 1000-2000 square feet range, and accounted for 67% of registrations. However, both smaller homes (500-1,000 square feet) and properties larger than 2000 square feet had a 18% rise as compared to July 2022.
Study shows that Medchal-Malkajgiri district and Rangareddy district recorded 46% and 37% of registrations respectively. The share of Hyderabad district in total registrations was 17% during July 2023.
During July 2023, the weighted average prices of transacted homes faced a y-o-y increase of 4.5%. Among the districts, Medchal-Malkajgiri district had the most powerful increase, at 5% y-o-y. To mention, Rangareddy and Hyderabad districts also faced residential price increases of 4% and 2% respectively.
Mr. Siva Krishnan, Senior Managing Director and Head, Residential, India, JLL stated that the Government’s strong push along with RBI’s decision played a crucial role in reviving the real estate market. In addition, he was hopeful that the second half of 2023 will also take the sales to greater heights.
The majority of the real estate sales in the first half of 2023 were driven by projects launched in the last 18-month period. Dr. Samantak Das, Chief Economist and Head Research & REIS, India, JLL admitted that India has seen a record growth in the real estate market during the first half of 2023. He added that the increased demand for the recently launched Hyderabad real estate projects reflects the increasing buyer confidence in under-construction projects as well.