Hyderabad registers home sales of 75,512 units worth ₹45,190 crore in 2024
The slower growth in registered transactions is due to homebuyers' heightened scrutiny of project compliances after establishment of HYDRAA, Square Yards said
Hyderabad has recorded 75,512 housing sale transactions, including apartments, plots and villas, compared to 74,495 transactions recorded in 2023, according to data shared by Square Yards.
Square Yards said the relatively slower growth in the number of registered transactions can be attributed to homebuyers' heightened scrutiny of project compliances after the establishment of the Hyderabad Disaster Response and Asset Protection Agency (HYDRAA) in July 2024.
The value of registered home sales experienced a sharper growth, rising by 13% to ₹45,190 crore during the same period.
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"Buyers are now evaluating projects more meticulously to ensure adherence to these standards, resulting in a more cautious approach to decision-making. This has contributed to a slowdown in transaction closures, reflected in the 12% year-on-year decline in registered residential transactions during the October-December 2024 quarter, with 15,941 units," the report said.
“Hyderabad property market has demonstrated significant resilience and growth post-pandemic, with sustained momentum continuing through 2024. While the fourth quarter witnessed a decline in transactions due to the impact of HYDRAA on consumer sentiment, the yearly performance tells a more positive story, with total registrations surpassing 2023 levels. Also, the government’s clarifications, ensuring projects with prior approvals remain unaffected, alongside developers recalibrating their customer outreach strategies, are steadily restoring consumer confidence,” said Debayan Bhattacharya, Principal Partner and Sales Director at Square Yards.
In October-December 2024, the sales value dropped by 5%, amounting to Rs. 9,617 crores, compared to Rs. 10,114 crores recorded in the October-December quarter of the previous year. Notably, the average home sales value rose 8% annually, with the current figure at Rs. 60 lakh. The report showed that this trend highlights a strong homebuyer preference for mid-to-high segment properties in Hyderabad.
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Steady shift toward mid-to-high-price housing segments
The report said that Hyderabad's residential market continued its steady shift toward mid-to-high-price housing segments during the October-December 2024 quarter, reflecting an evolving buyer preference observed over recent years.
Transactions priced below ₹50 lakh accounted for the largest share at 59%; however, this segment's market share moderated from 63% in the same period the previous year.
Additionally, the premium segment, comprising properties priced above ₹1 crore, demonstrated growth, with the share rising to 13% in October-December 2024 compared to 11% in the same period the previous year. A total of 2,153 transactions were recorded in this segment during October-December 2024, compared to 1,981 in 2023.
"This growth in the ₹1 crore segment comes despite a decline in the overall number of registered transactions during the same period. This trend aligns with the sustained demand for mid-to-large residential spaces, as properties in the 1,000–1,500 sq. ft. range accounted for 71% of total transactions," the report said.