Housing Sales in Top 15 Tier 2 Cities Rise 4%
Real Estate

Housing Sales in Top 15 Tier 2 Cities Rise 4%

Housing sales in India’s top 15 tier 2 cities rose by 4 per cent to 1,78,771 units with sales value rising by 20 per cent to Rs 1,52,552 crore in 2024, according to NSE-listed real estate data analytics firm PropEquity. The housing sales stood at 1,71,903 units while sales value stood at Rs 1,27,505 crore in 2023. Housing sales rose the most in Coimbatore at 36 per cent and fell the most in Visakhapatnam at 21 per cent in 2024 while Bhubaneswar recorded the highest growth in sales value at 47 per cent while Nashik recorded 2 per cent decline in sales value.

Samir Jasuja, Founder & CEO, PropEquity said, “The Budget announcements will give a boost to housing demand in tier 2 cities and create opportunities for employment. These include proposals for development of airports, promotion of GCCs, tourism, relaxation on second homes, and more importantly tax exemption on income up to Rs 12 lakh. The continued focus on infrastructure development like metro rail, highways and expressways will augment the growth in all segments of the real estate sector.”

“Sales value have risen by 20 per cent even as sales have increased by only 4 per cent in 2024 points to a rapid increase in price of homes in these cities owing to factors like rise in cost of raw materials, speculative investments etc. which may impact the real estate market.”

Region-wise housing sales trend 1. Western India – 7 cities: According to the report, the seven cities in western India saw sales of 1,38,554 units in 2024 as compared to 1,34,031 units in 2023, up 3.4 per cent. The sales value grew by 18 per cent to Rs 1,10,939 crore in 2024. Housing sales was led by Surat with 15 per cent rise, followed by Gandhi Nagar 8 per cent, Goa 5 per cent, Ahmedabad 4 per cent, Nagpur 3 per cent. Housing sales fell in Nashik by 10 per cent and Vadodara by 3 per cent. Only Nashik witnessed a decline in sales value at 2 per cent.

2. Southern India – 3 cities: The three cities in southern India saw sales of 10941 units in 2024 as compared to 10648 units in 2023, up 2.75 per cent. The sales value grew by 15 per cent to Rs 11,404 crore. Housing sales was led by Coimbatore with 36 per cent rise followed by Trivandrum 16 per cent. Sales declined in Visakhapatnam by 21 per cent. Only Visakhapatnam witnessed a decline in sales value at 1 per cent.

3. Northern India – 3 cities: Sales in the three cities of Northern India stood at 18889 units in 2024 as compared to 18420 units in 2023, up 2.5 per cent. Sales value grew by 23 per cent to Rs 19,127 crore in 2024. Housing sales rose by 5 per cent in Jaipur and 1 per cent in Lucknow while it fell by 1 per cent in Mohali. Sales value grew by 39 per cent in Jaipur, 5 per cent in Lucknow and 18 per cent in Mohali.

4. Eastern and Central India – 2 cities: Housing sales in the two eastern and central Indian cities stood at 10387 units in 2024 as compared to 8804 units in 2023, up 18 per cent. Sales value grew by 45 per cent to Rs 11,082 crore in 2024. Housing sales rose 23 per cent in Bhubaneswar and 10 per cent in Bhopal. Sales value grew by 38 per cent in Bhopal and 47% in Bhubaneswar.

Housing sales in India’s top 15 tier 2 cities rose by 4 per cent to 1,78,771 units with sales value rising by 20 per cent to Rs 1,52,552 crore in 2024, according to NSE-listed real estate data analytics firm PropEquity. The housing sales stood at 1,71,903 units while sales value stood at Rs 1,27,505 crore in 2023. Housing sales rose the most in Coimbatore at 36 per cent and fell the most in Visakhapatnam at 21 per cent in 2024 while Bhubaneswar recorded the highest growth in sales value at 47 per cent while Nashik recorded 2 per cent decline in sales value. Samir Jasuja, Founder & CEO, PropEquity said, “The Budget announcements will give a boost to housing demand in tier 2 cities and create opportunities for employment. These include proposals for development of airports, promotion of GCCs, tourism, relaxation on second homes, and more importantly tax exemption on income up to Rs 12 lakh. The continued focus on infrastructure development like metro rail, highways and expressways will augment the growth in all segments of the real estate sector.” “Sales value have risen by 20 per cent even as sales have increased by only 4 per cent in 2024 points to a rapid increase in price of homes in these cities owing to factors like rise in cost of raw materials, speculative investments etc. which may impact the real estate market.” Region-wise housing sales trend 1. Western India – 7 cities: According to the report, the seven cities in western India saw sales of 1,38,554 units in 2024 as compared to 1,34,031 units in 2023, up 3.4 per cent. The sales value grew by 18 per cent to Rs 1,10,939 crore in 2024. Housing sales was led by Surat with 15 per cent rise, followed by Gandhi Nagar 8 per cent, Goa 5 per cent, Ahmedabad 4 per cent, Nagpur 3 per cent. Housing sales fell in Nashik by 10 per cent and Vadodara by 3 per cent. Only Nashik witnessed a decline in sales value at 2 per cent. 2. Southern India – 3 cities: The three cities in southern India saw sales of 10941 units in 2024 as compared to 10648 units in 2023, up 2.75 per cent. The sales value grew by 15 per cent to Rs 11,404 crore. Housing sales was led by Coimbatore with 36 per cent rise followed by Trivandrum 16 per cent. Sales declined in Visakhapatnam by 21 per cent. Only Visakhapatnam witnessed a decline in sales value at 1 per cent. 3. Northern India – 3 cities: Sales in the three cities of Northern India stood at 18889 units in 2024 as compared to 18420 units in 2023, up 2.5 per cent. Sales value grew by 23 per cent to Rs 19,127 crore in 2024. Housing sales rose by 5 per cent in Jaipur and 1 per cent in Lucknow while it fell by 1 per cent in Mohali. Sales value grew by 39 per cent in Jaipur, 5 per cent in Lucknow and 18 per cent in Mohali. 4. Eastern and Central India – 2 cities: Housing sales in the two eastern and central Indian cities stood at 10387 units in 2024 as compared to 8804 units in 2023, up 18 per cent. Sales value grew by 45 per cent to Rs 11,082 crore in 2024. Housing sales rose 23 per cent in Bhubaneswar and 10 per cent in Bhopal. Sales value grew by 38 per cent in Bhopal and 47% in Bhubaneswar.

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?