by Suman Gupta
Ø Ahmedabad accounts for 32% of the total launches & 30% of the total sales with West Zone contributing 72% to the total sales and 71% to total launches
Ø Jaipur, Goa, Bhubaneshwar, Kochi & Mysore see fall in launches while Lucknow, Mohali, Bhopal see rise in launches. These cities saw drop in sales from 3% to 61%
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 | 3% |
| Sonepat | 50 | 0 | -100% |
| Surat | 4198 | 4195 | 0% |
| Trivandrum | 894 | 120 | -87% |
| Vadodara | 3001 | 2278 | -24% |
| Vijayawada | 477 | 150 | -69% |
| Visakhapatnam | 2738 | 350 | -87% |
| Total | 43748 | 28980 | -34% |
Among State Capitals, Bhopal witnessed the maximum rise in new launches at 268% while Trivandrum saw maximum decline in new launches at 87%. Similarly, Dehradun saw maximum rise in sales at 47% while Bhubaneshwar and Chandigarh saw maximum decline in sales at 18% each.
About PropEquity: P.E. Analytics Ltd., an NSE-listed company, 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 catalogued 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.
