Hyderabad’s real estate market has seen a noticeable shift toward premium properties, with a significant uptick in the demand for homes priced above ₹1 crore in November 2024, despite an overall dip in home sales. Key trends include a rise in high-value home registrations, a preference for spacious properties, and substantial price growth across various districts.
According to Knight Frank India’s latest report, residential property sales in Hyderabad reached ₹3,495 crore in November 2024, reflecting a 7% year-on-year (YoY) decline and a 3% month-on-month (MoM) dip. Residential unit registrations dropped to 5,516, marking a 12% YoY and a 6% MoM decrease. However, the demand for high-value homes showed resilience, indicating a shift towards premium properties driven by economic stability and aspirations for better lifestyles.
A key observation was the increase in registrations for properties priced above ₹1 crore. The share of such transactions grew from 12% in November 2023 to 14% in November 2024. This shift underscores the rising demand for luxury and larger homes, as more buyers are opting for upscale living spaces.
In contrast, properties priced under ₹50 lakh, while still holding a significant share, saw a decline in registrations from 61% in November 2023 to 58% in November 2024. Homes priced between ₹50 lakh and ₹1 crore accounted for 28% of registrations, marking a slight increase from the previous year’s 27%. Notably, properties ranging from 1,000 to 2,000 sq. ft. dominated the market, making up 69% of total registrations in November 2024, though this was a slight decrease from 71% in the same period last year. Homes exceeding 2,000 sq. ft. accounted for 14% of the registrations, highlighting a growing inclination towards more spacious properties.
In terms of location, Medchal-Malkajgiri led with 42% of total property registrations, followed closely by Rangareddy at 41%. Hyderabad district contributed 17% to the total registrations, up from 14% in November 2023. The weighted average price of residential properties in Hyderabad saw a 6% YoY increase in November 2024. Medchal-Malkajgiri recorded the highest price growth at 11%, followed by Hyderabad district at 10%, while Rangareddy experienced a modest 1% increase.
Noteworthy transactions for the month included luxury properties exceeding 3,000 sq. ft. in some of Hyderabad’s prime locations, such as Somajiguda, Banjara Hills, and Jubilee Hills. The highest transaction was a property in Somajiguda valued at ₹10.22 crore.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “Although overall property registrations in Hyderabad moderated in November 2024, the demand for high-value homes remains strong, reflecting a 3% YoY increase. This trend indicates a shift towards larger, premium properties, driven by strong economic fundamentals and an increasing desire for luxury living.”
Market Overview
From January to November 2024, Hyderabad registered 70,796 residential units, marking a 12% YoY increase, with a total transaction value of ₹43,574 crore, a 27% YoY increase. Despite fluctuations in overall sales, the city’s real estate market continues to demonstrate strong confidence, particularly in the high-value segment.
