Hyderabad’s residential real estate market has shown remarkable resilience and growth in 2024, registering home sales worth ₹36,461 crore during the first nine months. This figure reflects a substantial 34% increase year-on-year, driven by robust demand across various segments. The report from Knight Frank India indicates that the number of registrations rose to 59,386, marking a 13% uptick compared to the previous year. However, September 2024 saw a decline in sales, with an 18% drop to ₹2,820 crore, attributed to the Shradh/Pitra Paksha period, traditionally viewed as an inauspicious time for property transactions in Hindu culture.
The Hyderabad residential market spans four districts—Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy—encompassing both primary and secondary markets. Notably, there has been a significant shift in buyer preferences towards premium properties. Homes priced at ₹1 crore and above have surged from 9% to 14% of total sales, with registrations in this segment skyrocketing by 79% year-on-year. This trend underscores a growing inclination for upscale living, with buyers seeking spacious layouts and premium amenities. According to the report, properties sized between 1,000 to 2,000 square feet dominated registrations, accounting for 68% of the total, while the demand for larger homes (over 2,000 sq ft) has also risen.
Among the districts, Medchal-Malkajgiri led with 42% of the market share, slightly down from 45% a year earlier. Rangareddy and Hyderabad districts accounted for 39% and 19% of registrations, respectively. The weighted average price of residential properties increased by 3% year-on-year in September 2024, with Medchal-Malkajgiri witnessing the most significant rise at 7%. This upward trend reflects not only a recovering market but also the increasing aspiration for more luxurious living conditions.
From a sustainability perspective, the shift towards larger, more efficient homes signals an evolving market that is adapting to modern needs and preferences. The launch of 3BHK units increased from 60% to 70% in September 2024, highlighting the demand for spacious homes that can accommodate families and promote a healthier lifestyle. The emphasis on eco-friendly building practices and sustainable urban planning will be critical in meeting the demands of a growing population while ensuring that development does not come at the cost of environmental degradation. The continued growth in Hyderabad’s residential market showcases a city that is not only expanding but also evolving in response to the needs of its residents.
