Housing Sales in Top 15 Tier 2 Cities of India Increase by 4% in 2024, Sales Value Soars by 20%
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Synopsis
Housing sales in India's top 15 tier 2 cities saw a 4% increase in 2024, totaling 1,78,771 units, while the sales value surged by 20% to Rs 1,52,552 crore, according to a recent report by PropEquity.
Key Takeaways
- 4% rise in housing sales in tier 2 cities
- 20% increase in sales value
- Highest sales growth in Coimbatore at 36%
- Significant sales value growth in Bhubaneswar at 47%
- Infrastructure development expected to boost real estate
New Delhi, Feb 12 (NationPress) The housing market in India's leading 15 tier 2 cities experienced an increase of 4%, reaching 1,78,771 units, while the sales value surged by 20% to Rs 1,52,552 crore in 2024, according to a report released on Wednesday.
In 2023, housing sales were noted at 1,71,903 units, with a sales value of Rs 1,27,505 crore, as per data from NSE-listed real estate analytics firm PropEquity.
The highest increase in housing sales was reported in Coimbatore at 36%, while Visakhapatnam saw a decline of 21% in 2024. Furthermore, Bhubaneswar marked the greatest sales value growth at 47%, whereas Nashik experienced a 2% drop in sales value.
“The announcements in the Budget are anticipated to enhance housing demand in tier 2 cities and stimulate job creation. These include plans for airport development, promotion of GCCs, tourism initiatives, relaxation on second homes, and notably, tax exemptions on income up to Rs 12 lakh,” stated Samir Jasuja, the Founder and CEO of PropEquity.
The ongoing emphasis on infrastructure development, such as metro rail systems, highways, and expressways, is expected to support growth across all segments of the real estate sector, he added.
The leading cities in housing sales included Surat with a 15% rise, followed by Gandhi Nagar at 8%, Goa at 5%, Ahmedabad at 4%, and Nagpur at 3%.
In northern India, sales across three cities reached 18,889 units in 2024, compared to 18,420 units in 2023, marking an increase of 2.5%, according to the report.
Housing sales in Jaipur increased by 5%, while Lucknow saw a rise of 1%, although sales in Mohali fell by 1%. Sales value experienced a growth of 39% in Jaipur, 5% in Lucknow, and 18% in Mohali.
In Bhubaneswar, housing sales rose by 23% and by 10% in Bhopal, with sales value increasing by 38% in Bhopal and 47% in Bhubaneswar, according to the findings.
