Summary:

According to PropEquity, housing sales in 15 major Tier-II cities grew by 20% in value in 2024, reaching Rs. 1,52,552 crore (US$ 17.56 billion), driven by higher volumes and price appreciation. The number of units sold rose by 4% to 1,78,771. Coimbatore recorded the highest sales volume growth at 36%, while Visakhapatnam saw a 21% decline. Bhubaneswar led in value growth at 47%, whereas Nashik experienced a 2% drop.

PropEquity CEO Samir Jasuja stated that a 20% rise in sales value, despite only a 4% increase in volume, indicates surging property prices due to rising raw material costs and speculation. He expects the Budget to further boost demand and job creation in Tier-II cities. Ahmedabad led in sales value, reaching Rs. 49,421 crore (US$ 5.69 billion), a 17% increase. Experts highlight lower living costs and improved housing supply as key factors attracting buyers from congested Tier-I cities.

Source: IBEF

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