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Experts say this may be due to several reasons, including a shift in homebuyers' real estate preferences and the rising construction costs in the city amid a global recessionary market.
Experts say the real estate demand in the city has gone well past pre-pandemic levels. Data shows that pre-Covid, rentals in Hyderabad were already higher than those in Bengaluru.
Hyderabad saw a 26% year-on-year rise in registration of residential properties in July 2023, with 5,557 properties registered. The total value of these registrations rose 35% year-on-year to Rs 2,878 crore. The market was largely concentrated on properties priced between Rs 25-50 lakh, and in the size range of 1,000-2,000 square feet.
Residential sales in Hyderabad during May were mainly within properties sized 1,000-2,000 sq ft, whilst the price range of Rs 25 – 50 lakhs, accounted for the highest registrations.
Hyderabad Real Estate: In April 2023, the share of registrations in the category of properties sized 500 – 1,000 square feet (sq ft) stood at 17%.