Due to the high demand for housing properties, the prices of houses in 30 second tier or mid-tier markets have increased by up to 94 percent in the last four years. Real estate data analyst company PropEquity has compared the average offer price of projects during FY 2023-24 with the rates of 2019-20. These figures relate to the primary residential markets of 30 markets. These 30 markets are Amritsar, Mohali, Ludhiana, Chandigarh, Panipat, Dehradun, Bhiwadi, Sonipat, Jaipur, Agra, Lucknow, Bhopal, Indore, Visakhapatnam, Vijayawada, Guntur, Mangalore, Mysore, Coimbatore, Kochi, Thiruvananthapuram, Raipur, Bhubaneswar, Ahmedabad, Gandhinagar, Vadodara, Surat, Nashik, Nagpur and Goa.
Goa witnessed a 90% rise in prices
According to the data, 24 mid-sized markets witnessed double-digit growth in housing prices, while the remaining six recorded single-digit price growth. Of these, residential property prices in the top 10 markets rose by 54 per cent to 94 per cent. Home prices in Agra rose the maximum by 94 per cent from Rs 3,692 per sq ft in 2019-20 to Rs 7,163 per sq ft in 2023-24. Housing prices rose by 90 per cent in Goa, 89 per cent in Ludhiana, 72 per cent in Indore, 70 per cent in Chandigarh, 68 per cent in Dehradun, 60 per cent in Ahmedabad, 58 per cent in Bhubaneswar, 57 per cent in Mangalore and 54 per cent in Thiruvananthapuram
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Bhopal saw a 52% increase
Sameer Jasuja, founder and chief executive officer (CEO) of PropEquity, said, “Mid cities witnessed a significant increase in prices, mainly due to the increase in demand, as demand has been much higher than new launches in the last five financial years.” According to the data, Mysore witnessed a 53 per cent increase, Bhopal 52 per cent, Nagpur 51 per cent, Gandhinagar 49 per cent, Jaipur 49 per cent, Vadodara 48 per cent, Nashik 46 per cent, Surat 45 per cent, Kochi 43 per cent, Mohali 39 per cent, Lucknow 38 per cent, Coimbatore 38 per cent, Raipur 26 per cent and Visakhapatnam 11 per cent. Vijay Harsh Jha, founder of Gurugram-based property brokerage firm VS Realtors (I) Pvt Ltd, attributed the increase in prices to large-scale infrastructure development and better connectivity across India. Yashank Wasan, managing director, Royal Green Realty, said this is a result of rising demand in smaller towns.
