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% while Nashik recorded 2% 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 lakhs. 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% even as sales have increased by only 4% 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.”
| City Name | Units absorbed | Sales Value (Rs crore) | ||||
| 2023 | 2024 | Change | 2023 | 2024 | Change | |
| Ahmedabad | 54076 | 56274 | 4% | 42063 | 49421 | 17% |
| Surat | 20676 | 23718 | 15% | 15549 | 18808 | 21% |
| Vadodara | 19641 | 19030 | -3% | 10262 | 11290 | 10% |
| Gandhi Nagar | 13315 | 14364 | 8% | 11467 | 14153 | 23% |
| Nashik | 15010 | 13492 | -10% | 6498 | 6380 | -2% |
| Jaipur | 10187 | 10695 | 5% | 6019 | 8388 | 39% |
| Nagpur | 7883 | 8090 | 3% | 4237 | 5162 | 22% |
| Bhubaneswar | 5566 | 6822 | 23% | 5927 | 8738 | 47% |
| Mohali | 4462 | 4398 | -1% | 5282 | 6238 | 18% |
| Visakhapatnam | 5361 | 4258 | -21% | 4858 | 4798 | -1% |
| Lucknow | 3771 | 3796 | 1% | 4283 | 4500 | 5% |
| Coimbatore | 2732 | 3725 | 36% | 2610 | 3698 | 42% |
| Goa | 3430 | 3586 | 5% | 4339 | 5726 | 32% |
| Bhopal | 3238 | 3565 | 10% | 1703 | 2344 | 38% |
| Trivandrum | 2555 | 2958 | 16% | 2408 | 2908 | 21% |
| Total | 171903 | 178771 | 4% | 127505 | 152552 | 20% |
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%. The sales value grew by 18% to Rs 1,10,939 crore in 2024.
Housing sales was led by Surat with 15% rise, followed by Gandhi Nagar 8%, Goa 5%, Ahmedabad 4%, Nagpur 3%. Housing sales fell in Nashik by 10% and Vadodara by 3%.
Only Nashik witnessed a decline in sales value at 2%.
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%. The sales value grew by 15% to Rs 11,404 crore.
Housing sales was led by Coimbatore with 36% rise followed by Trivandrum 16%. Sales declined in Visakhapatnam by 21%.
Only Visakhapatnam witnessed a decline in sales value at 1%.
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%. 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.
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%. 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.
About PropEquity: P.E. Analytics ltd., a NSE-listed company, owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,70,000+ projects of 57,000+ developers across over 44 cities in India with more than 17 years of cataloged data. We add approximately 700 projects every month. It is a premium Business Intelligence product- a first of its kind in India in the Realty space.