Quotes on report of PropEquity: Housing sales in top 30 Tier 2 Cities rise 11% in FY2024

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    Madhusudan G, CMD, Sumadhura Group

    PropEquity’s latest report highlights a thriving Tier 2 residential market, with housing sales up 11% in Q1 2024. Although the second quarter of 2024 experienced a temporary slump in Tier 1 cities due to the Lok Sabha elections, Tier 2 cities are outperforming Tier 1 cities primarily because of their affordability, which allows the aspirational middle class to own their dream homes in these cities. Furthermore, the impressive growth fueled by SMEs and industries signals positive prospects. Additionally, mega public infrastructure projects are driving up housing demand in these developing cities.

    The above quote is for a PTI story for tomorrow, on Prop Equity’s report showcasing the top 30 Tier 2 cities where housing sales rose by 11% in FY2024.

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    Manish Jaiswal, Group COO, Eldeco

    “With housing sales rising by 11% in the top 30 Tier-2 cities in FY2024, we are witnessing a significant transformation driven by enhanced infrastructure and improved connectivity,” said Manish Jaiswal, Group COO, Eldeco. “This growth highlights Eldeco’s strategic investments in Tier-2 cities like Ludhiana, Rudrapur and Sonipat, making them attractive destinations for both homebuyers and investors. The rise in demand is supported by the robust development of amenities and the increasing preference for premium housing options, reflecting the evolving aspirations of residents in these cities. Looking ahead, the future of this market appears promising, with continued expansion and development expected to sustain this upward trajectory.”

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    Mr. Yashank Wason, Managing Director, Royal Green Realty said,

     “The 11% surge in housing sales in the top 30 Tier 2 cities in FY2024 highlights their growing importance in the real estate sector. This growth is fueled by enhanced connectivity, infrastructure development, and strategic urban planning. Cities like Bahadurgarh benefit from initiatives such as the “Golden Ring” network, linking Delhi-NCR to emerging cities like Sonipat, Alwar, Meerut, and Manesar, thereby expanding their economic and investment potential.
    Bahadurgarh exemplifies this trend with its strategic location enhanced by the Delhi-Bahadurgarh-Rohtak highway, KMP Expressway, and UER2. This seamless connectivity to major urban centers makes Bahadurgarh an attractive destination for both investors and homebuyers.
    As we look to the future, the potential of Tier 2 cities becomes increasingly evident. These cities are not just alternatives to metropolitan hubs but are evolving into vibrant centers of growth, innovation, and investment. Aligned with this demand, our upcoming township in Bahadurgarh will feature expandable villas, plots, and, for the first time in this city, SCO spaces. These offerings will include top-notch amenities such as smart security and monitoring systems, smart outdoor landscapes, and a state-of-the-art clubhouse with modern facilities, all designed to enhance the standard of living for our residents.”

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