The Real-estate market of Hyderabad this year is hit by the recent registration costs hike. According to Knight Frank India, the monthly residential property registrations stand at 5,146 units in February 2022, worth Rs 2,722 crore. And in this, 74 percent of all sales registered in February in homes between 1,000 and 2,000 sq ft.
The Hyderabad residential market includes four districts of Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. The Telangana Government recently increased the registration cost and that has hit the Rs 25 lakh category the most. The registration has happened in a mere 844 units in February in this category against 2,888 units in February 2021.
About 69 percent of residential sales registered during February 2022 are in the Rs 50 lakh ticket size category and in comparison, 76 percent of the total sales in February 2021 are in this category. In the remaining segments, the registrations are more or less the same in YoY terms. Also, the trend of people opting to upgrade and move into larger living quarters continued. Homes in the size of 1,000–2,000 sq ft consist of 74 percent of all sales registered. Knight Frank opines that this trend is not a cause of concern and they expect the registrations pace to normalize in the coming days.