Residential Unit Sales In Vizag Drops By 21% In 2024

Hyderabad: Housing sales in Visakhapatnam dropped by 21 per cent to 4,258 units in 2024, compared to 5,361 units sold in 2023. Only Visakhapatnam witnessed a decline in sales among the top three tier-2 cities in South India, according to a report.

PropEquity, a real estate data analytics firm, in its latest report said that among India’s top 15 tier-2 cities, housing sales rose the highest in Coimbatore at 36 per cent and fell the most in Visakhapatnam at 21 per cent. In South India’s top three tier-2 cities, Visakhapatnam posted one per cent decline in the sales value of residential properties in 2024.

In 2023, 5,361 units were sold in Vizag as against 4,258 units in 2024, and properties worth Rs 4858 crore were sold in 2023, compared to Rs 4,798 crore in the previous year. In top 15 tier-2 cities of India the residential property sale rose by four per cent to 1,78,771 units, with sales value rising by 20 per cent to Rs 1,52,552 crore in 2024.

Samir Jasuja, Founder and CEO, PropEquity, said: “The Budget announcements will give a boost to housing demand in tier-2 cities and create opportunities for employment. These include proposals for development of airports, promotion of GCCs, tourism, relaxation on second homes, and more importantly tax exemption on income up to Rs 12 lakh. The continued focus on infrastructure development like metro rail, highways and expressways will augment the growth in all segments of the real estate sector.”