by Sekhar Pal 
CURRENT MONTH
LAST MONTH
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 the 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 a 2 per cent decline in sales value.
Samir Jasuja, Founder & CEO of PropEquity, said, “The Budget announcements will boost housing demand in tier 2 cities and create employment opportunities. These include proposals for the development of airports, promotion of GCCs, tourism, relaxation of second homes, and, more importantly, tax exemption on income up to Rs 12 lakhs. The continued focus on infrastructure development, such as metro rail, highways, and expressways, will augment the growth in all segments of the real estate sector. Sales value has risen by 20 per cent even as sales have increased by only 4 per cent in 2024, pointing to a rapid increase in the price of homes in these cities owing to factors like the rise in the cost of raw materials, speculative investments etc., which may impact the real estate market.”
According to the report, the seven cities in western India saw sales of 1,38,554 units in 2024 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 were led by Surat with a 15 per cent rise, followed by Gandhi Nagar at 8 per cent, Goa at 5 per cent, Ahmedabad at 4 per cent, and Nagpur at 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.
The three cities in southern India saw sales of 10941 units in 2024 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 were led by Coimbatore with a 36 per cent rise, followed by Trivandrum with 16 per cent. Sales declined in Visakhapatnam by 21 per cent. Only Visakhapatnam witnessed a decline in sales value at 1 per cent.
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 they 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.
Housing sales in the two eastern and central Indian cities stood at 10387 units in 2024 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 per cent in Bhubaneswa
The Union Budget 2025 emphasis on the PPP model for infrastructure, urban development, regulatory reforms, and skill development has been positively welcomed by the building and construction sector.
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