Residential Housing Demand Surges in Tier II Cities, Sales Up 11% in FY24
Real estate data analytics firm PropEquity reveals that housing sales in top 30 Tier II cities increased by 11% in FY24, driven by lower property prices and growth potential.
Tier Ii CitiesHousing SalesPropequityReal Estate MarketResidential PropertiesReal Estate NewsJul 06, 2024
The report highlights that the top 10 Tier II cities, including Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam, and Mohali, contributed a significant 80% to the total sales in these 30 cities. These cities together clocked sales of 1,68,998 residential units in FY24, a growth of 11% from 1,51,706 homes in FY23.
Samir Jasuja, Founder and Managing Director at PropEquity, attributed the growth in Tier II cities to lower property prices and growth potential.
Frequently Asked Questions
What is the growth rate of housing sales in Tier II cities in FY24?
Housing sales in Tier II cities grew by 11% in FY24, according to a report by PropEquity.
Which are the top 10 Tier II cities that contributed to the highest sales in FY24?
The top 10 Tier II cities that contributed to the highest sales in FY24 are Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam, and Mohali.
What are the key factors driving the growth in Tier II cities?
The key factors driving the growth in Tier II cities include lower property prices, growth potential, government initiatives to boost infrastructure development, and the setting up of small and medium enterprises (SME) businesses and industries.
How many units were sold in Tier II cities in FY24?
A total of 2,07,896 units were sold in Tier II cities in FY24, according to a report by PropEquity.
What is the significance of the growth in Tier II cities?
The growth in Tier II cities is significant as it indicates a shift in demand from Tier I cities to smaller towns, driven by factors such as affordability and growth potential.
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