West Zone accounts for 69% of total sales followed by South Zone
New Delhi, July 5, 2024: Housing sales across top 30 Tier II cities increased 11 per cent annually to nearly 2.08 lakh units during the last fiscal year on high consumer demand driven by robust economic growth, infrastructure development and growing desire for home ownership, according to data analytics firm PropEquity.
In its extensive research, PropEquity, which is listed on the stock exchanges, found out that the growth in demand for residential properties is not restricted to top seven major cities.
As per the data, the sales of housing units in India’s 30 major tier II cities stood at 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year.
Interestingly, the data showed that out of these 30 cities, the top 10 cities contributed 80 per cent to the total sales.
West zone accounted for nearly 70 per cent to the total sales in 30 tier II cities. Major Cities falling in the state of Gujarat saw huge demand.
PropEquity tracks over 1,70,000+ projects of 57,000 developers across 45 cities in the country.
Commenting upon the data, Mr. Samir Jasuja, Founder and Managing Director at PropEquity said, “Tier II cities performed better than Tier I cities due to lower property prices and growth potential. On the other hand, Affordability makes the dream of owning a home a reality for a growing middle class. Furthermore, these cities are also experiencing economic booms due to setting up of small and medium enterprises (SME) businesses and industries. Government push on infrastructure creation is another major reason for rising demand in Tier II cities. All these factors are creating a bullish investment.”
Top 10 tier II cities – Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam, and Mohali – reported sales of 1,68,998 residential units in 2023-24, up 11% from 1,51,706 homes in 2022-23.
| Top 10 tier II cities in terms of sales | ||||
| Sl. No. | Cities | FY 2024 | FY 2023 | Y-o-Y Change |
| 1 | Ahmedabad | 55455 | 53856 | 3% |
| 2 | Vadodara | 22698 | 21484 | 6% |
| 3 | Surat | 21597 | 17971 | 20% |
| 4 | Nashik | 17439 | 14981 | 16% |
| 5 | Gandhi Nagar | 14082 | 11142 | 26% |
| 6 | Jaipur | 11522 | 9751 | 18% |
| 7 | Nagpur | 9110 | 7113 | 28% |
| 8 | Bhubaneshwar | 7177 | 4538 | 58% |
| 9 | Visakhapatnam | 5548 | 5525 | 0% |
| 10 | Mohali | 4370 | 5345 | -18% |
| Total | 168998 | 151706 | 11% | |
Housing sales in West Zone– Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Nagpur, and Goa- reported sales of 1,44,269 residential units in 2023-24, up 11% from 1,29,423 homes in 2022-23.
| Sales in tier II cities – West Zone | ||||
| Sl. No. | Cities | FY 2024 | FY 2023 | Y-o-Y Change |
| 1 | Ahmedabad | 55455 | 53856 | 3% |
| 2 | Vadodara | 22698 | 21484 | 6% |
| 3 | Surat | 21597 | 17971 | 20% |
| 4 | Nashik | 17439 | 14981 | 16% |
| 5 | Gandhi Nagar | 14082 | 11142 | 26% |
| 6 | Nagpur | 9110 | 7113 | 28% |
| 7 | Goa | 3888 | 2876 | 35% |
| Total | 144269 | 129423 | 11% | |
Housing sales in North Zone – Jaipur, Mohali, Lucknow, Bhopal, Chandigarh, Dehradun, Bhiwadi, Ludhiana, Agra, Sonepat, Panipat, and Amritsar- reported sales of 26,308 residential units in 2023-24, up 8% from 24,273 homes in 2022-23.
| Sales in tier II cities – North Zone | ||||
| Sl. No. | Cities | FY 2024 | FY 2023 | Y-o-Y Change |
| 1 | Jaipur | 11522 | 9751 | 18% |
| 2 | Mohali | 4370 | 5345 | -18% |
| 3 | Lucknow | 4073 | 3590 | 13% |
| 4 | Chandigarh | 1591 | 840 | 89% |
| 5 | Dehradun | 1470 | 808 | 82% |
| 6 | Bhiwadi | 1089 | 1547 | -30% |
| 7 | Ludhiana | 845 | 893 | -5% |
| 8 | Agra | 804 | 897 | -10% |
| 9 | Sonepat | 372 | 338 | 10% |
| 10 | Panipat | 106 | 179 | -41% |
| 11 | Amritsar | 66 | 85 | -22% |
| Total | 26308 | 24273 | 8% | |
Housing sales in South Zone – Visakhapatnam, Trivandrum, Coimbatore, Kochi, Vijayawada, Mangalore, Guntur and Mysore – reported sales of 21,947residential units in 2023-24, up 8.4% from 20,244 homes in 2022-23.
Housing sales in East and Central Zone – Bhubaneshwar, Bhopal, Indore and Raipur- reported sales of 15372 residential units in 2023-24, up 18% from 13011 homes in 2022-23.
| Sales in East & Central Zone | ||||
| Sl. No. | Cities | FY 2024 | FY 2023 | Y-o-Y Change |
| 1 | Bhubaneshwar | 7177 | 4538 | 58% |
| 2 | Bhopal | 3554 | 3621 | -2% |
| 3 | Indore | 1641 | 2198 | -25% |
| 4 | Raipur | 3000 | 2654 | 13% |
| Total | 15372 | 13011 | 18% | |
PropEquity captures real estate data for RERA approved projects in 44 Indian Cities including 14 Tier I cities and 30 Tier II Cities.
30 Tier II cities include – Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Mohali, Visakhapatnam, Bhubaneshwar, Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar.
About PropEquity: P.E. Analytics ltd. 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 16 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.