Housing Prices Soar in Tier II Cities: A Four-Year Surge

Housing prices in top 30 Tier II markets have surged by up to 94% over the last four years due to high demand for residential properties. PropEquity's analysis reveals significant growth driven by economic factors, improved infrastructure, and strong job markets, with the highest increases notably observed in Agra, Goa, and Ludhiana.

Housing prices in the top 30 Tier II markets have surged by up to 94% in the last four years due to high demand for residential properties, according to real estate data analytic firm PropEquity.

The data, focusing on primary residential markets, compares the average project launch prices of fiscal year 2023-24 against 2019-20 rates. Agra witnessed the highest rise, with prices climbing from Rs 3,692 to Rs 7,163 per square feet.

Other significant increases were observed in Goa (90%), Ludhiana (89%), and Indore (72%). PropEquity's Founder and CEO Samir Jasuja attributes the growth to heightened demand, boosted confidence, and strong job markets. Infrastructure development and connectivity advances have also fueled this upward trend.

(With inputs from agencies.)