Hyderabad's real estate market is booming, with over 46,000 homes registered in 2024, leading to a 40% revenue increase compared to last year. In July 2024 alone, 7,124 homes were registered, totaling INR 4,266 crore- a 48% year-on-year increase. The surge in home ownership interest has also boosted state revenue from stamp duty, reaching INR 28,578 crore from January to June 2024. The market covers four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, with a growing trend towards luxury homes. In July 2024, demand for properties over INR 1 crore surged by 94%, while interest in larger homes also increased. Buyer preferences are shifting, with more focus on premium and spacious properties.
Hyderabad is making headlines for registering over 46,000 homes in 2024. This has led to a 40% increase in revenue compared to last year. These statistics show that the city's real estate market is thriving right now. It also shows the rising interest in home ownership. In July 2024, 7,124 homes were registered, which was a total of INR 4,266 crore. That's a 48% increase from the same month last year.
This real estate boom has also helped the state's revenue from stamp duty. From January to June 2024, revenue reached INR 28,578 crore. The residential market in Hyderabad covers four main districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. It covers both primary and secondary sales of these districts.
In July 2024, the majority of homes registered were under the price range of INR 50 lakh or less. Meanwhile, properties priced at INR 1 crore and above have gained popularity. The registrations for these homes rose from 9% to 13%. This proves that more buyers are looking for higher-value properties.
In July 2024, registrations for homes priced over INR 1 crore jumped by 94% compared to the previous year. Most of these homes were between 1,000 and 2,000 square feet, making up 69% of all registrations. However, demand for smaller homes (under 1,000 square feet) decreased from 21% to 17% year-on-year. Meanwhile, interest in larger homes over 2,000 square feet grew, with registrations increasing from 11% to 14%.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, says the market is shifting towards luxury homes now. Luxury homes that offer more space and better amenities. This new trend is part of a bigger movement in India towards premium housing.
In July 2024, it held 41% of the market, up from 37% last year. Medchal-Malkajgiri and Hyderabad districts made up 40% and 19% of registrations. The average home price increased, with Rangareddy seeing a 9% rise compared to last year.
The real estate market in Hyderabad is changing fast, with a wide variety of apartments available. For example, one-bedroom apartments, which didn't exist in July 2023, now make up 2% of the market. Two-bedroom apartments have also increased from 31% to 39%. Though the share of three-bedroom units has decreased slightly. These trends show the changing buyer preferences and a market that is adapting to the needs of its customers.
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