Hyderabad, historic residential sales growth in 2023, new record

Hyderabad: Hyderabad’s real estate market witnessed unprecedented growth in residential sales, reaching a historic peak in 2023, according to the latest information published by Knight Frank India. “Information on India’s Real Estate and Office Market” showed that inter-annual growth of 6 per cent will take annual residential sales to a historical maximum of 32,880 units in 2023. Home buyers are increasingly prioritizing lifestyle improvements, with an emphasis on amenity-rich communities in their search for the ideal place to live. According to the report, an integral factor contributing to this record growth was the substantial growth of residential launches, which will grow by 7 percent annually to reach 46.985 units in 2023. Of those, 43 per cent were high-value residences, with prices ranging from Rs. .10 million, which reflects the growth of preferences for affluence and luxury in residential options. This demand resulted in an 11 per cent increase in the city’s average residential price, reaching Rs 5,550 per square metre. The report highlights that there has been substantial double-digit rent growth in many of the city’s key micromarkets, especially in the west and south, meaning interest in these areas is on the rise. Additionally, the outskirts of the city received more attention and saw an increase in the value of properties: Kokapet recorded a staggering 39 per cent growth in the price range of Rs 10,045 to Rs 12,500 per sq ft in 12 months, followed by Manikonda. Stayed. 28 percent increase and Rajendra Nagar. With an increase of .20 percent. The report highlights a significant shift in the preferences of home buyers with respect to categories of listings. The proportion of affordable residential sales, which include homes priced below Rs 5 million, will decline from 26 per cent in 2018 to 11 per cent in 2023. Similarly, the mid-price segment, which includes houses priced between Rs 5 million and Rs 10 million. million rupees, falling from 52 percent in 2018 to 40 percent in 2023.