Indians still perceive real estate as a highly desirable asset for wealth creation as per reports. There are several regulatory changes that came about in 2017 and these were aimed at ushering in greater transparency to the sector. However, in spite of sluggish performance of the market overall, people still desire real estate when it comes to building assets for themselves and their future generations. As per reports, a whopping 15 lakh+ people searched actively for purchasing property last year.
The analysis of the behaviour of consumers in these reports captured some fascinating insights for industry experts. Maharashtra still holds the pole position when it comes to being a preferred destination for real estate purchases. 7 localities in Maharashtra still remain the most preferred destinations. New Delhi takes the top spot in terms of rental housing while buyers also prefer Hyderabad and Navi Mumbai.
The growing number of property searches indicates that realty buyers are very much present in the market and interest in the sector is not at all dormant; rather it is growing with the passage of time. Real estate is still a highly desirable asset for Indian investors as per these reports. Prices have exhibited flatness over the last year and the equation between housing demand and supply has remained somewhat stable and more balanced on account of a lower number of launches of new projects. This makes it the best time for buyers to make investments in a new home as per experts.
Indians are also picky about the type of properties that they desire. Bangalore has people preferring almost all types of properties. Residential homes, villas and plots are majorly preferred in Chennai and Hyderabad. On the other hand, multi-storeyed apartments are mostly preferred in Navi Mumbai and Pune. Builder floors are highly preferred in Ghaziabad, Delhi and Chennai. There is also a marked preference for penthouses in cities like Mumbai and Ahmedabad as per reports.