Housing sale in tier 2 cities increases by 11% Y-o-Y
The data suggested 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.
Of these 30 cities, the top 10 cities contributed 80% to the total sales.
West zone accounted for nearly 70 per cent to the total sales in 30 tier II cities. PropEquity tracks over 1,70,000 projects of 57,000 developers across 45 cities in the country.
“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. These cities are also experiencing economic booms due to setting up of small and medium enterprises (SME) businesses and industries,” said Samir Jasuja, founder and managing director at PropEquity.
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