Housing sales in India’s top 15 tier 2 cities rose by 4% to 1,78,771 units, with sales value rising by 20% 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% and fell the most in Visakhapatnam at 21% in 2024, while Bhubaneswar recorded the highest growth in sales value at 47%, and Nashik recorded a 2% decline in sales value.
Sales value has risen by 20%, even as sales have increased by only 4% in 2024. This points 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.
REGION-WISE HOUSING SALES TREND
Western India
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%. The sales value grew by 18% to Rs 1,10,939 crore in 2024. Housing sales were led by Surat with a 15% rise, followed by Gandhinagar (8%), Goa (5%), Ahmedabad (4%), and Nagpur (3%). Housing sales fell in Nashik by 10% and Vadodara by 3%. Only Nashik witnessed a decline in sales value at 2%.
Southern India
The three cities in southern India saw sales of 10,941 units in 2024 as compared to 10,648 units in 2023, up 2.75%. The sales value grew by 15% to Rs 11,404 crore. Housing sales were led by Coimbatore with a 36% rise, followed by Trivandrum (16%). Sales declined in Visakhapatnam by 21%. Only Visakhapatnam witnessed a decline in sales value at 1%.
Northern India
Sales in the three cities of Northern India stood at 18,889 units in 2024 as compared to 18,420 units in 2023, up 2.5%. Sales value grew by 23% to Rs 19,127 crore in 2024. Housing sales rose by 5% in Jaipur and 1% in Lucknow, while it fell by 1% in Mohali. Sales value grew by 39% in Jaipur, 5% in Lucknow, and 18% in Mohali.
Eastern and Central India
Housing sales in the two eastern and central Indian cities stood at 10,387 units in 2024 as compared to 8,804 units in 2023, up 18%. Sales value grew by 45% to Rs 11,082 crore in 2024. Housing sales rose 23% in Bhubaneswar and 10% in Bhopal. Sales value grew by 38% in Bhopal and 47% in Bhubaneswar.
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