Medchal-Malkajgiri & Sangareddy are preferred home destinations now: Knight Frank India report

Home sales registrations in the Medchal-Malkajgiri district were recorded at 46% followed by Rangareddy district at 36%

Hyderabad’s adjoining districts of Medchal Malkajgiri and Sangareddy continue to be preferred destinations for new home buyers with high number of registrations taking place in the former, and more high value homes being sold in October, according to real estate research firm Knight Frank India’s latest report on Thursday.

Home sales registrations in the Medchal-Malkajgiri district were recorded at 46% followed by Rangareddy district at 36% while it was 14% in the Hyderabad district. The weighted average prices of transacted residential properties as per the registration data has grown by 12% year-on-year with Sangareddy district having the steepest rise of 37%, indicating that more higher value homes were sold in this location during this period.

Price growth in the Hyderabad market has been strong in recent times and higher value properties are being sold. Hyderabad recorded registrations of 4,597 units of residential properties with total value at ₹2,237 crore.

Since the beginning of the year, the city has observed registration of 56,003 residential units with a total worth of ₹27,509 crore, compared to registrations of 67,685 residential units amounting to ₹30,108 crore observed in similar period last year. The residential market includes four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

Residential units in the price band of ₹25 lakh – ₹50 lakh constituted 51% of the total registrations which meant a rise of 40%.  Demand in the less than ₹25 lakh ticket-size however weakened with its share constituting 22%, compared to 35% a year ago. Greater demand for larger ticket-size homes remained evident as the cumulative share of sales registrations for properties with ticket-sizes of above ₹50 lakh increased to 27% from 25% in October 2021.

The share of registrations in unit category of properties sized 500 – 1,000 square feet increased to 21% compared to 17% while properties sized 1,000 square feet or higher witnessed a dip in share from 81% to 76%

“The rise in home loan interest rate along with strong headwinds caused by the global geo-political tensions has started affecting the consumers but demand for larger homes remaining promising. We expect higher value homes will continue to see momentum in the coming months,” said Knight Frank chairman and managing director Shishir Baijal.