Despite Economic Downtrend, Property Registrations, In Hyderabad Rose By 152% In May: Knight Frank Report

The city witnessed a 152 per cent year-on-year growth in property registration at 6,301 during May and 17.6 per cent month-on-month surge, indicating a strong demand trend despite external factors such as economic downtrend and inflation, leading real estate consultancy Knight Frank India said on Thursday.

The total value of properties transacted in May 2022 stood at Rs 3,058 crore, a 146 per cent YoY and 9.9 per cent MoM rise, taking the cumulative value of all properties registered since January 2022 to Rs 15,071 crore, it said. The Hyderabad residential market includes four districts-Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

"In recent years, Hyderabad has had one of the strongest demand trends, despite external factors such as economic downturn and inflation. While the rising building costs have had an impact on the more price sensitive categories, the upper segments have had little influence, keeping the market strong.

End-users continue to be drawn to home purchases by factors such as job security, rising household incomes and savings, and conformable home-loan rates," Shishir Baijal, Chairman and Managing Director, Knight Frank India said. Of all residential sales registered during May, home in the price band of Rs 25 lakh to Rs 50 lakh constituted 55 per cent while the demand in the less than Rs 25 lakh ticket-size however, weakened with its share constituting 18 per cent, the report said. The cumulative share of sales registrations for properties with ticket-size Rs 50 lakh and above increased to 27 per cent in the month compared to 26 per cent during the same month last year.

(PTI)