Housing sales see steady growth in tier-II cities

The government's push for affordable housing is bearing fruits as housing demand in smaller towns and cities is witnessing a steady growth. According to data compiled by real estate advisory firm Liases Foras, the share of over 20 tier-II cities, including that of Jaipur, Vadodara, Nashik and Nagpur, in the total housing sales has increased to 25% till the end of last financial year 2018-2019 as compared to 16% five years ago. In the recently concluded September quarter, cities like Jaipur, Nashik and Ahmedabad saw a jump of 22%, 25% and 4% respectively. This comes at a time when overall housing sales across major cities like Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad and Pune are witnessing a decline in numbers, thanks to the huge supply overhang.

Initiatives such as Pradhan Mantri Awas Yojana (PMAY) and the offer of a more conducive land in the smaller towns and cities, have helped push the demand for affordable housing segment. Lower land prices, along with government's subsidies, have further helped developers execute low housing projects in smaller towns as they are able to bring down the capital cost by as much as 25-30%. Developers are of the opinion that while these are certainly 'green shoots' , it is a long term story and that it'll take few more years to create demand like the metro cities.


Like, Share & Follow

Post Your Comment

About Surfaces Reporter

Surfaces Reporter is India’s 1st magazine specialized on “products & materials” for architecture & Interiors! The prime objective of Surfaces Reporter magazine is to contribute positively to the Indian material industry, with unbiased information & awareness initiatives.

Surfaces Reporter magazine has a clear & niche target group comprising of Architects, Engineers, Builders, Interior Designers, Manufacturers, Celebrities, Showrooms, Consultancy firms, and Leading Business houses, Hotels & Restaurants, and PMCs etc. If you have a Product or Project worth publishing in Surfaces Reporter, please email us hello@surfacesreporter.com or you can also submit your project online.

Like Surfaces Reporter on Facebook | Follow us on Twitter and Instagram | Subscribe to our magazine | Sign Up for the FREE Surfaces Reporter Magazine Newsletter

Read Current Issue

This is alt

Most Viewed

More Stories