By Admin August 10, 2024: Hyderabad Breaks Record with Over 46,000 home registrations in 2024
Hyderabad has made headlines with an extraordinary achievement in the real estate sector. As of August 2024, the city recorded over 46,000 home registrations, setting a new benchmark for property transactions. This marks a 17% increase compared to the same period in 2023, showcasing Hyderabad’s growing prominence as a real estate hub in India.
The surge in home registrations is attributed to several factors that have made Hyderabad a preferred destination for homebuyers and investors alike. The city’s rapid economic growth, particularly driven by the IT sector, has played a pivotal role. With major companies and industries setting up their operations in Hyderabad, the demand for residential spaces has seen a substantial rise. Additionally, the government’s ongoing infrastructure development projects, such as metro expansion and road improvements, have further boosted the city’s real estate market.
Another significant factor contributing to this growth is the availability of affordable housing options. Areas like Kompally, Nizampet, and Bachupally have seen a surge in demand due to the development of affordable housing projects. These localities offer a range of options for first-time homebuyers and investors, making them attractive spots for property purchases.
Interestingly, the market has also seen a shift in buyer preferences towards larger and more luxurious properties. In July 2024, properties priced at ₹1 crore and above accounted for 13% of all registrations, up from 9% in July 2023. This indicates a growing demand for high-end homes with modern amenities. Areas like Jubilee Hills and Banjara Hills, known for their upscale offerings, have witnessed a significant increase in registrations for luxury villas and independent houses.
The Hyderabad residential market spans across four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Among these, regions like Kondapur, Gachibowli, and Miyapur have emerged as hotspots for property registrations, thanks to their proximity to employment hubs like Hitech City and the Financial District. These areas are particularly popular among professionals working in the IT and finance sectors, driving the demand for residential properties.
Despite the growth in high-value property registrations, homes priced below ₹50 lakh still dominate the market. In July 2024, this segment accounted for the largest share of registrations, although its proportion decreased slightly from 69% in July 2023 to 61% in the same month of 2024.
Hyderabad’s real estate boom is also fueled by the interest of Non-Resident Indians (NRIs). The city offers promising returns on investment and a high quality of life, making it an attractive option for NRIs looking to invest in Indian real estate.
Looking ahead, the future of Hyderabad’s real estate market appears bright. The combination of economic growth, infrastructure development, and stable political environment are likely to sustain the momentum. As the city continues to develop, both in terms of residential and commercial properties, it is expected to remain a key player in India’s real estate sector.
With over 46,000 homes registered in 2024, Hyderabad has set a new record that underscores its status as one of the most dynamic and fast-growing cities in India. The real estate market here is not just thriving but also evolving, with shifts in buyer preferences and an increasing demand for both affordable and luxury homes.
