The third wave of the pandemic resulted in a drop of 27% over January 2021 in home registrations in the city.
Hyderabad has recorded new home registrations of 5,568 units in January 2022, noted Knight Frank India, a leading real estate consultancy.
The third wave of the pandemic had resulted in a drop of 27% over January 2021 in home registrations in the city, the consultancy said, and added that regular market operations such as site visits and registration of documents were adversely affected due to mobility restrictions during the month.
A total Rs 2,695 crore worth of residential properties was transacted in the Hyderabad residential market which consists of four districts - Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
71% of all homes registered in the month were below Rs. 50 lakh. The Rs. 25-50 lakh ticket size segment's share grew the most, from 34% in January 2021 to 39% in January 2022, far exceeding its annual share of 36% in 2021 and 31% in 2020.
Significant growth was noticed in the sales of units measuring over 1,000 sq ft.
"Hyderabad was the best performing residential market in terms of primary sales among the top eight markets in India, during 2021. However, the drop in registration activity caused by the mobility restrictions due to the third wave of Covid-19 in January this year have impacted sales across many markets in India, including Hyderabad. We expect that sales registration volumes in the market will regain the lost ground once normal market operations resume, given that other market indicators such as prices continue to see steady growth despite the impact of the pandemic," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Sales in Rangareddy district dropped by only 7% compared to the total sales drop of 27% for all four districts. In terms of total sales, the district accounted for 48% of the residential unit sales registered during the month, compared to 38% in 2021.
The weighted average transacted price of residential properties, as reflected by the registration data, grew by 7.8% Y-o-Y in January 2022, and grew the most in the Medchal-Malkajgiri district, by 8.7%.