New Delhi, October 21, 2024: In line with the trends seen in tier 1 cities, housing sales in top 30 tier 2 cities have fallen by 13% in July-September quarter of 2024 while new launches have declined by 34%, according to a report by NSE-listed real estate data analytics firm PropEquity.
Housing sales fell to 41,871 units in Q3 2024 against 47,985 units in the same period last year while launches fell to 28,980 units in July-September quarter of 2024 from 43,748 units in the same period last year, the report said.
The west zone comprising Ahmedabad, Vadodara, Gandhinagar, Surat, Goa, Nashik and Nagpur, contributed 72% to the total sales.
Commenting on the data, Samir Jasuja, CEO & Founder, PropEquity said: “The decline in sales and launches is on account of higher base effect as year 2023 had recorded historic highs. The low cost of living, availability of skilled workforce and advantageous operational cost for companies besides good connectivity and infrastructure in State Capitals have been driving demand for homes. However, as seen from an all-India context, the top 30 tier 2 cities have been underperforming as sales and launches with respect to top ten cities are only 1/3.”
| Total Absorption | |||
| Location | Q3-2023 | Q3-2024 | Y-o-Y |
| Agra | 192 | 128 | -33% |
| Ahmedabad | 13855 | 12721 | -8% |
| Amritsar | 86 | 7 | -92% |
| Bhiwadi | 276 | 193 | -30% |
| Bhopal | 752 | 744 | -1% |
| Bhubaneshwar | 1486 | 1217 | -18% |
| Chandigarh | 406 | 334 | -18% |
| Coimbatore | 668 | 821 | 23% |
| Dehradun | 173 | 255 | 47% |
| Gandhi Nagar | 3356 | 3072 | -8% |
| Goa | 811 | 669 | -18% |
| Guntur | 371 | 242 | -35% |
| Indore | 491 | 267 | -46% |
| Jaipur | 2573 | 2492 | -3% |
| Kochi | 587 | 508 | -13% |
| Lucknow | 956 | 876 | -8% |
| Ludhiana | 254 | 150 | -41% |
| Mangalore | 447 | 317 | -29% |
| Mohali | 1161 | 930 | -20% |
| Mysore | 139 | 54 | -61% |
| Nagpur | 1959 | 1661 | -15% |
| Nashik | 3593 | 2689 | -25% |
| Panipat | 29 | 12 | -59% |
| Raipur | 745 | 414 | -44% |
| Sonepat | 80 | 37 | -54% |
| Surat | 5224 | 5015 | -4% |
| Trivandrum | 649 | 544 | -16% |
| Vadodara | 4813 | 4286 | -11% |
| Vijayawada | 557 | 440 | -21% |
| Visakhapatnam | 1296 | 776 | -40% |
| Total | 47985 | 41871 | -13% |
According to the report, the top three cities that witnessed maximum drop in launches were Sonepat, Panipat and Agra. Only 8 cities saw growth in new launches with top three being Bhopal (268%) followed by Dehradun (100%) and Coimbatore (77%).
West Zone contributed 71% to the total launches.
| New Supply | |||
| Location | Q3-2023 | Q3-2024 | Y-o-Y |
| Agra | 64 | 0 | -100% |
| Ahmedabad | 14232 | 9190 | -35% |
| Bhiwadi | 0 | 0 | 0% |
| Bhopal | 161 | 592 | 268% |
| Bhubaneshwar | 2316 | 1107 | -52% |
| Chandigarh | 450 | 228 | -49% |
| Coimbatore | 515 | 909 | 77% |
| Dehradun | 0 | 179 | 100% |
| Gandhi Nagar | 2867 | 1879 | -34% |
| Goa | 521 | 398 | -24% |
| Indore | 351 | 194 | -45% |
| Jaipur | 2254 | 1743 | -23% |
| Kochi | 470 | 379 | -19% |
| Lucknow | 449 | 509 | 13% |
| Ludhiana | 335 | 44 | -87% |
| Mangalore | 415 | 100 | -76% |
| Mohali | 966 | 1381 | 43% |
| Mysore | 240 | 24 | -90% |
| Nagpur | 1670 | 1378 | -17% |
| Nashik | 3731 | 1290 | -65% |
| Panipat | 32 | 0 | -100% |
| Raipur | 351 | 363 | |