December marked the pinnacle for property sale registrations in Hyderabad in 2023.

January 31, 2024
December marked the pinnacle for property sale registrations in Hyderabad in 2023

In December 2023, Hyderabad experienced a peak in property sale registrations, with a significant 84% increase in the demand for ready-to-move-in (RTMI) properties. The housing market in the city witnessed the highest price surge among top Indian cities, and further growth is predicted by the end of 2023, especially during the festive season.

The office space leasing market in Hyderabad saw a remarkable 270% increase, reaching 3.7 million square feet, while Bengaluru experienced a slowdown. Hyderabad dominated the Indian office space market with a robust 17.71% year-on-year growth in transactions for office spaces exceeding 100,000 square feet, reinforcing its position as a dynamic business hub.

The city emerged as the go-to destination for luxury housing in India, surpassing all other cities, but witnessed a decline in the sales of affordable homes during Q3 2023. The real estate market in Hyderabad boomed, with property registrations reaching Rs 2,898 crore in June, reflecting a 3% year-on-year increase.

Property prices in Hyderabad witnessed a 5% increase, reaching a weighted average price of Rs 7,000-7,200 per square foot during the April-June period. East Hyderabad became the top destination for realty, experiencing a 91% increase in buyers.

Hyderabad recorded a 50% growth in real estate sales in FY 2022-23, driven by its thriving economy, rich cultural heritage, and attractiveness for real estate investments. The city outshone Bengaluru and Mumbai in residential property sales, attributed to its first-rate infrastructure, a thriving IT industry, and a growing population of young professionals.

The TS-bPASS Land Use Information service allows citizens to check survey number details and land use patterns, including residential, commercial, industrial, agricultural, recreational, and conservation zones.

Hyderabad’s real estate was deemed the most affordable among metros in the country, with an average property price significantly lower than six other top cities. IKEA India lowered prices for its products as part of a long-term strategy to make home furnishings more affordable.

Little-known locations in Hyderabad’s periphery emerged as a new heart of realty, providing a new dimension to property buying. Fire safety was emphasized, urging people to prioritize maintenance and ventilation to prevent incidents of LPG cylinder explosions.

Luxury carpet brand Obeetee opened a store in Hyderabad, bringing its exquisite designs to the city with a weaving legacy of nearly 102 years.

Efforts were underway to make building plan approvals faster through TS-bPASS, integrating data from Sub-Registrar offices and RERA with the platform. In terms of investment opportunities, 2BHK prices in Hyderabad rose by 7.35%, the second-highest in India.

A record number of 6,311 units were registered in Hyderabad in December, valued at Rs 3,176 crore.

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