Real Estate still remains a desirable asset for all India
In a year that was marked with a series of policy changes to bring in more transparency, real estate remained a desirable asset for Indians as more than 15 lakh actively searched to buy property in 2017, revealed How India searched for Homes in 2017 – A Magicbricks Report.
Magicbricks, analyzed consumer behavior over the last 12 months and “How India searched for Homes in 2017” captured interesting consumer trends in 2017 and tackled the myth that real estate buyers had exited the market due to aftereffects of various policy level interventions during the year.
According to “How India searched for Homes in 2017,” Maharashtra occupied the top spot with seven of its localities outshining to be the most preferred localities around the country. New Delhi remains a winner when it comes to rented properties while Navi Mumbai and Hyderabad are high on the buying meter.
Commenting on the comprehensive year-end report, Mr. Prasun Kumar, Head-Marketing, Magicbricks, said: “We have tried to capture consumer intent & behaviour on our platform through ‘How India searched for homes in 2017.’ In a year marked with several policy changes, the fact that there were more than 15 lakh active searches for a property in 2017 debunks the myth that buyers have exited the market and establishes that Real Estate continues to be a desirable asset for Indians. With prices remaining flattish over the last one year and demand-supply equation balancing out due to fewer project launches, it is certainly the right time for home buyers to invest in their dream home.”
The report – How India searched for Homes in 2017 – also reveals another interesting consumer behavior depicting that the residents are also especially particular about the type of property, down to the floor. Bengaluru is the one city open to mostly all building types. When it comes to specific choices, Hyderabad and Chennai prefer residential houses, plots and villas. Multi-storey apartments are popular in Pune and Navi Mumbai, whereas Delhi, Ghaziabad and Chennai prefer builder floors. Metro cities like Ahmedabad and Mumbai favour penthouses.
Gurgaon is testament to the fact that consumer preference for larger houses is increasing. Other cities like Ahmedabad, Greater Noida, Hyderabad, Pune among others opt for a smaller 1000 sq. ft. Although the 500-750 sq. ft. carpet area option remains the most searched for carpet area in the country, especially in Maharashtra and Kolkata.
Buyers in these top markets not only have preferences for type of house or size of house but they are also particular about the floor. While cities like Mumbai, Navi Mumbai and Thane prefer to stay in higher floors, Ahmedabad, Bengaluru and Kolkata mostly opt for the second floor. Delhi and Chennai remain the only cities that prefer the first floor.
That’s not all; lifestyle habits too dictate how people choose to invest in properties. According to the Magicbricks report, cities like New Delhi, Noida, Kolkata are bachelor-friendly, whereas Ahmedabad, Navi Mumbai and Mumbai might be a struggle for singles. Unquestionably, New Delhi and Kolkata rank high for non-vegetarians, and Ahmedabad is a city perfect for vegetarians. Also, having a pet in cities like Gurgaon, New Delhi, Noida is fairly acceptable, but Chennai, Bengaluru and Ahmedabad are so not pet-friendly.