Hyderabad home sales recorded at Rs. 45,190 crore in 2024

Hyderabad: A total of 75,512 housing sale transactions worth Rs. 45,190 crore, including apartments, plots and villas were recorded in 2024 as opposed to 74,495 transactions done in 2023, according to a report on the real estate market in Hyderabad by Square Yards.

Telangana's state capital witnessed a slower growth partly due to the establishment of HYDRAA (Hyderabad Disaster Response Assets Monitoring and Protection Agency) in July 2024, which has been reclaiming encroached government lands in and around parks and water bodies in Greater Hyderabad Region.

Even though there was a dip in transactions due to the impact of HYDRAA in the fourth quarter, the yearly performance showcased a remarkable shift in the total registrations which surpassed 2023 levels.

As the state government’s guidelines ensuring projects with prior approvals have restored consumer confidence, the value of registered home sales experienced a sharper growth, rising by 13 percent to Rs. 45,190 crore during the same period.

According to the report, the potential customers are now taking more time and careful consideration before making a purchase and are selecting approved projects only. This cautious approach has contributed to a slowdown in transaction closures, reflected in the 12 percent year-on-year decline in registered residential transactions during the October-December 2024 quarter, with 15,941 units.

Highlighting a noticeable shift toward mid-to-high-price housing segments, the report said the city’s residential market continued its steady shift in this housing segment during the October-December 2024 quarter. The transactions priced below Rs. 50 lakh accounted for the largest share at 59 percent, the report added.