Housing sales in 15 Tier-II cities have seen a significant increase of 4% in the July-September quarter, reaching over Rs 37,000 crore. This data was revealed in a recent report by real estate consultancy firm, Anarock Property Consultants.
According to the report, the total housing sales in these 15 cities stood at approximately Rs 35,500 crore in the same quarter last year. This year, the sales have increased by 4% to reach Rs 37,000 crore, indicating a steady growth in the real estate market.
The cities that have shown the highest growth in housing sales are Pune, Hyderabad, and Kolkata, with a rise of 24%, 19%, and 18% respectively. Other cities that have also witnessed a positive growth in sales include Ahmedabad, Jaipur, and Lucknow.
The report also highlighted that the affordable housing segment has been the driving force behind this growth, with a 10% increase in sales in the July-September quarter. This can be attributed to the government’s push towards affordable housing and various incentives provided to both developers and homebuyers.
In terms of inventory, the report stated that the unsold housing stock in these 15 cities has decreased by 5% in the last one year. This is a positive sign for the real estate market, as it indicates a balance between supply and demand.
The increase in housing sales in Tier-II cities can also be attributed to the lower property prices as compared to Tier-I cities. This has made these cities more attractive to homebuyers, especially in the affordable and mid-segment housing categories.
Overall, the real estate market in Tier-II cities is showing promising signs of growth, with the affordable housing segment leading the way. This is a positive development for both developers and homebuyers, and it is expected to continue in the coming quarters.
