- Friday, February 21, 2025
By: Shubham Ghosh
Five tier-II cities in India, such as Ahmedabad, Vadodara, Nashik, Gandhinagar and Jaipur, have come up as the top five in terms of growth of residential property market riding on urbanisation, industrialisation and growth of the information technology industry, a recent report by PropEquity has said, Moneycontrol reported.
According to a report titled ‘Tier-II: Residential Overview’, Ahmedabad’s residential real-estate market size worth Rs 83,390 crore (£9 billion) has eclipsed some of tier-I cities such as Chennai and Kolkata with market sizes of Rs 52,554 crore (£5.7 billion) and Rs 38,440 crore (£4.1 billion), respectively, at the end of the 2021-22 fiscal year.
“The real estate activity in tier 2 cities is fast catching up with that of tier 1 cities. Interestingly, Ahmedabad’s residential real estate market size of Rs 83,390 crores has outshone some of the Tier 1 cities like Chennai and Kolkata with market sizes of Rs 52,554 crore and Rs 38,440 crore, respectively, at the end of fiscal year 2021-22. It is interesting to observe that the market share of Tier-I cities is about 4x times the share of Tier-II cities in the last five fiscal years,” Samir Jasuja, founder and managing director at PropEquity, was quoted as saying by Moneycontrol.
While the total sales value of tier-I cities in the last five years (FY 2017-18 to FY 2021-22) was Rs 12.21 lakh crore (£133 million), that of tier-II cities during the same period was Rs 3.14 crore (£341,782), it said.
