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Tier-II Cities Emerge As Significant Engines Of Growth For Real Estate Industry In India: PropEquity – Taasir Daily News
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Tier-II Cities Emerge As Significant Engines Of Growth For Real Estate Industry In India: PropEquity

Written by Taasir

Taasir Urdu News Network – Syed M Hassan  6th Sept

New Delhi, September 1, 2022: Ahmedabad, Vadodara, Nashik, Gandhi Nagar and Jaipur have taken up the top five ranks among tier-II cities in growth of residential property market on the back of rapid urbanisation, industrialisation and growth of IT industry, according to recent report published by India’s leading real estate data analytics and consultancy company, PropEquity.The report, titled “Tier-II: Residential Overview”, states that there has been a remarkable jump in both absorption as well as supply of quality residential properties in various price brackets in these cities. The report has tracked performance of the residential segment of the real estate sector in various tier-II cities from FY 2017-18 to FY 2021-22.“The real estate activity in tier 2 cities is fast catching up with that of tier 1 cities. Interestingly, Ahmedabad’s residential real estate market size of Rs. 83,390 crores has outshone some of the Tier 1 cities like Chennai and Kolkata with market sizes of Rs. 52,554 crore and Rs. 38,440 crores respectively at the end of fiscal year 2021-22. Although, it is also interesting to observe that the market share of Tier-I cities is about 4x times the share of Tier-II cities in the last five fiscal years.” said Mr. Samir Jasuja, Founder and Managing Director at PropEquity.Post COVID lockdowns, tier 2 cities have been witnessing new job creation at a decent rate and many tech and other sector companies are encouraging work from home for their employees for at least next couple of years. This had led to scenario where tier 2 city housing projects are getting  great traction due to their attractive pricing and potential for a higher upside in terms of investments,” Mr. Abhishiekh Andlay, Founder, Andlay Estates, said.

The inventory of homes in Vadodara stood at 27,070 units at the end of fiscal 2021-222, a decline of 8% when compared to the previous financial year. It will take 19 months to clear at the current rate of sales.

Third ranked Nashik witnessed sales of 10,806 units in fiscal 2021-22, a growth of 15% on year-on-year basis. New supply of homes in Nashik stood at 13,037 units in 2021-22 fiscal, a whopping growth of 68% as compared to the previous fiscal. The inventory of houses in Nashik stood at 15,837 units at the end of 2021-22, a growth of 17% when compared to the previous financial year. It will take 17 months to clear at the current rate of sales.

Fourth ranked Gandhi Nagar saw sales of 7,650 units in fiscal 2021-22, a growth of 10% as compared to the previous fiscal. New supply of homes in Gandhi Nagar stood at 6,361 units in financial year 2021-22, a drop of 30% on year-on-year basis.

The inventory of homes in Gandhi Nagar stood at 9,560 units at the end of fiscal 2021-22, a dip of 12% when compared to the previous fiscal. It will take 15 months to clear at the current rate of sales.

Fifth ranked Jaipur saw sales of 7,676 units in fiscal 2021-22, a whopping growth of 42% as compared to the previous fiscal. New supply of homes in Jaipur stood at 7,022 units in financial year 2021-22, a massive increase of 78% on year-on-year basis.

The inventory of homes in Jaipur stood at 14,529 units at the end of fiscal 2021-22, a marginal dip of 4% when compared to the previous fiscal. It will take 23 months to clear at the current rate of sales.

About PropEquity:

 P.E. Analytics owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across over 44 cities in India. We add approximately 300 projects every month. It is a premier Business Intelligence product- a first of its kind in India in the Realty space.

 

 

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