Hyderabad sees registration of homes worth Rs 22.37 bn in Oct

Hyderabad recorded registration of 4,597 units of residential property in October 2022, with the total value of properties registered at Rs 22.37 billion, according to Knight Frank India. Since the beginning of the year, the city has seen registration of 56,003 residential units with a total value of Rs 275.09 billion, it said. The Hyderabad residential market includes four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. Shishir Baijal, chairman and managing director, Knight Frank India, said, “The rise in home loan interest rate in the last three quarters along with strong headwinds caused by the global geo-political tensions has started affecting the consumers. The Hyderabad market is also impacted, though it continues to remain appealing, and demand for larger homes remains promising. “The city, which saw a significant rise in demand until mid of 2022, has seen a drop in registration in October 2022. While the lower ticket segment is affected, we expect that the higher value homes will continue to see momentum in the coming months, keeping the outlook for the city optimistic.” Residential units in the price band of Rs 2.5-5 million constituted 51% of the total registrations in October 2022, which is an increase from 40% in October 2021. Demand in the under Rs 2.5 million ticket size however weakened, with its share constituting 22% compared to 35% a year ago. Greater demand for larger ticket size homes remained evident as the cumulative share of sales registrations for properties with ticket sizes of Rs 5 million increased to 27% in October 2022 from 25% in October 2021. See also: Godrej Properties purchases 12 acre of land in Pune for building housesWith 340,000 unsold units in Mumbai, developers are under pressure