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 lakh. 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 per cent even as sales have increased by only 4 per cent 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.”

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 per cent. The sales value grew by 18 per cent to Rs 1,10,939 crore in 2024. Housing sales was led by Surat with 15 per cent rise, followed by Gandhi Nagar 8 per cent, Goa 5 per cent, Ahmedabad 4 per cent, Nagpur 3 per cent. Housing sales fell in Nashik by 10 per cent and Vadodara by 3 per cent. Only Nashik witnessed a decline in sales value at 2 per cent.

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 per cent. The sales value grew by 15 per cent to Rs 11,404 crore. Housing sales was led by Coimbatore with 36 per cent rise followed by Trivandrum 16 per cent. Sales declined in Visakhapatnam by 21 per cent. Only Visakhapatnam witnessed a decline in sales value at 1 per cent.

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 per cent. Sales value grew by 23 per cent to Rs 19,127 crore in 2024. Housing sales rose by 5 per cent in Jaipur and 1 per cent in Lucknow while it fell by 1 per cent in Mohali. Sales value grew by 39 per cent in Jaipur, 5 per cent in Lucknow and 18 per cent 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 per cent. Sales value grew by 45 per cent to Rs 11,082 crore in 2024. Housing sales rose 23 per cent in Bhubaneswar and 10 per cent in Bhopal. Sales value grew by 38 per cent in Bhopal and 47% in Bhubaneswar.