Winning Bizness Desk

Mumbai. Reports are giving a picture of a boom in the real estate market of all small and big cities of the country. The real estate market of Tier-2 cities of the country is also booming like Tier-1. Reports are also indicating that property transactions have also increased very fast and in 5 years as properties worth Rs 3.14 lakh crore were sold in 30 tier-2 cities of the country. Ahmedabad remained the largest real estate market among Tier-2 cities, but the real estate market in Gandhinagar, Nashik, Panipat and Nagpur grew at a faster pace than Ahmedabad. Property prices in Mohali increased by 90%, the highest in five years. The property available at Rs 2,936 per sq ft in 2017-18 has increased to Rs 5,591 per sq ft in 2021-22. The property here grew at the rate of 13% every year.

6.53 lakh properties worth Rs 3.14 lakh crore sold in 30 cities

These figures are from the report prepared by real estate research firm PropEquity on 30 Tier-2 cities of the country. In 5 years, 6.53 lakh properties worth Rs 3.14 lakh crore were sold in 30 cities. During this, 5.99 lakh houses were completed. According to this, property prices in Jaipur and Bhopal increased the most among the 30 cities. While a maximum number of new projects started in Gujarat, most of the new projects came in Ahmedabad, Vadodara and Surat. Therefore, 69% of the total houses in Tier-2 cities were built in Gujarat only. In five years, the maximum property worth Rs 83,390 crore was sold in Tier-2 cities in Ahmedabad. It was followed by Gandhinagar, Nashik and Visakhapatnam. A total of 1.67 lakh properties were acquired in Ahmedabad in five years, including residential, commercial and plots.

New projects grew at 23% annually in Nashik

As per the report, new projects grew at a rate of 23% annually in Nashik. In 5 years, 1412 new projects were brought in Ahmedabad, 820 in Vadodara, 820 in Nashik, 409 in Surat, 322 in Gandhinagar, 270 in Nagpur, 229 in Jaipur. During the five years, 1440 real estate projects were completed in Ahmedabad, 791 in Vadodara, 591 in Nashik, 437 in Surat, 296 in Nagpur, 292 in Jaipur and 281 in Bhopal. Ahmedabad is the largest property market among tier-2 cities. Vadodara, Nashik, Gandhinagar, Jaipur, Mohali, Nagpur and Surat remained in the top 10. Raipur was ranked 13th, Bhopal 14th, Indore 20th, Ludhiana 22nd.