TL;DR: Hey folks! Hyderabad's real estate scene had a bit of a hiccup in December 2024 with a 20% drop in home sales. But don't fret! The overall year was solid, boasting a 7% rise in registrations and a whopping 23% jump in transaction values. The city's shifting towards premium homes, with more buyers eyeing properties above ₹1 crore.
December 2024: A Bumpy Ride
December 2024 wasn't the best month for Hyderabad's property market. Home sales registrations took a 20% nosedive compared to December 2023. Specifically, 5,805 properties were registered, down from 7,254 the previous year. The total transaction value also slid by 14%, settling at ₹3,590 crore. This dip might be due to the holiday season, but it does raise some eyebrows.
2024: A Year of Growth
Despite the year-end slump, 2024 overall was a win for Hyderabad's real estate. Home sales registrations climbed by 7%, and the total transaction value soared by 23%. This shows that while December had its issues, the city's property market is still on an upward trajectory.
Shifting Tastes: Premium is In!
Buyers are changing their game. Properties priced below ₹50 lakh made up 60% of registrations in 2024, a drop from 68% in 2023. Meanwhile, homes priced above ₹1 crore jumped to 14% of total registrations, up from 10% the previous year. This indicates a growing appetite for luxury living.
Size Matters
Mid-sized homes (1,000 to 2,000 sq ft) are the sweet spot, accounting for 69% of all registrations. They offer a balance between space and affordability, making them a hot pick among buyers.
Hotspots in the City
When it comes to where people are buying:
Medchal-Malkajgiri: Leading with 42% of registrations.
Rangareddy: Close second at 41%.
Hyderabad district: Rounding out with 17%.
This spread shows that suburban areas are becoming more popular, possibly due to better infrastructure and connectivity.
Expert Take
Shishir Baijal, the big boss at Knight Frank India, points out a trend: "The share of properties priced above ₹50 lakh increased to 40% in 2024, up from 32% in 2023." This shift towards premium housing suggests that more folks are ready to invest in upscale living spaces.
MediaFx's View
While the market shows resilience, it's crucial to ensure that the growth benefits everyone, not just the affluent. Policies should focus on affordable housing to bridge the gap between different income groups. A balanced approach will help create a more equitable society where everyone has a place to call home.
