Residential property registrations in Telangana down by 18 percent

25 Jan 2023 CW Team

According to Knight Frank, there were 68519 residential units registered in Hyderabad's four districts—Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy in 2022, a decrease of 18 per cent year-on-year.

Additionally, these units' total sales value decreased by 10 per cent, a double-digit amount, to Rs 336,050 million. According to Knight Frank, residential units priced between Rs 2.5 and 5 million accounted for 54 per cent of all registrations in December 2022, up from 36 per cent in December 2021.

The market has reached its limit in terms of investors after a five-year run, so this year will be a transitional year. Sumanth Reddy, vice chairman of the National Association of Realtors, which is a real estate organisation that represents over 50,000 property brokers across the country, stated that investors must resell to generate liquidity and reinvest in the property while the end-user market continues to witness traction.

According to the most recent regulation data, demand for tickets costing less than Rs. 2.5 million decreased, falling to just 17 percent from 40 percent a year ago. Also, the share of properties with 1,000 square feet or more fell from 73 per cent in December 2021 to 70 per cent in December 2022.

Nevertheless, in December 2022, the weighted average prices of transacted residential properties increased by 16 per cent YoY. In December 2022, the Sangareddy district saw the largest YoY increase of 30 per cent, indicating that more homes of higher value were sold there during this time.

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