After a decade of strong performance, Hyderabad’s residential real estate sector appears to be facing challenges, raising concerns among developers, builders and consumers.
Despite the overall market showing growth this year, recent data highlights a decline in real estate sales in September 2024.
According to a report by Knight Frank Research, home sales from January to September 2024 increased by 34% year-on-year, but registrations in September decreased by 22% year-on-year. In September 2024, only 4,903 houses were registered, compared to 6,304 in the same month of 2023.
The report attributes this decline to the Shradh/Pitra Paksha era, which was traditionally considered inauspicious for real estate transactions.
However, Hyderabad recorded Rs. Reflecting strong demand, home sales in the first nine months of 2024 reached 3,646.1 billion yen. Sales of luxury homes priced above Rs 100 crore also increased, increasing from 9% to 14% this year.
As of September 2024, the majority of registered properties in Hyderabad are concentrated in the 1,000-2,000 sq ft range, accounting for 68 per cent of all registrations.
At the district level, Mechal Malkajgiri led the way in real estate registrations, accounting for 42% of the market, up from 45% in September 2023.
Rangareddy and Hyderabad districts accounted for 39 per cent and 19 per cent of the total registrations, respectively.
