65% Home Buyers Looking For Affordable Homes In Mumbai, Pune & Bengaluru
There is a reason why affordable is the most used world in the world of India's property markets. According to a report, Mapping Home Buyers Enquiries In India, by PropTiger DataLabs, 79 per cent of end-users across nine real estate markets in the country are looking for properties they can afford. No wonder Prime Minister Narendra Modi's key announcements to push affordable housing were well received.
Can you afford to buy your dream home?
Data show that across Ahmedabad, Bengaluru, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida and Pune, it is the affordable segment that receives the highest number of inquiries from both end-users and investors. Further, about 53 per cent of these people are looking for 2BHK units. This indicates that an average Indian wants a compact and money-wise property; the urge to have large spaces seems to have subsided to some extent. In fact, the constant complain of home buyers has been that real estate in active markets is priced unreasonably and is not in tune with the income level of most Indians.
Also read: Ten Things To Know Before Buying Your Dream Home
Coming back, it is Gujarat city Ahmedabad that leads in terms of inquiries for the affordable class ― 75 per of the callers want affordable. Over 50 per cent of inquiries in Pune, Kolkata and Chennai were also reserved for this segment. On the other hand, sky-high rates have led to people of Mumbai settling for less in terms of space. The inquiries for 1BHK units in Mumbai have been more. The trend is somewhat similar in Pune. However, most other Indian cities, where property prices are not as forbidding, home buyers side with bigger spaces, mostly 2BHK and 3BHK units.
Expensive cities and money-wise buyers
Trends also indicate that 65 per cent of prospective home buyers across Mumbai, Pune and Bengaluru are those who are employed in these cities and their decision to invest in property is more need-based than investment-based. In short, employment remains a driving force behind investments. The need to stay close to workplaces is inspiring people to go for budget homes in their cities. Rising rents are only helping them firm up their investment decision. This is precisely why authorities must work towards making cost-effective homes for the benefit of the salaried class.
Sidelined no more
You would be mistaken if you thought that it is the central localities that are attracting buyers. New-age buyers prefer the peripheries, it seems. This is why it is not Mumbai that is drawing demand; Navi Mumbai, Thane and Beyond Panvel micro-markets are the active destinations. In fact, Thane West, Dombivali and Kalyan garner 38 per cent of the inquiries that the Mumbai Metropolitan Region receives, show PropTiger.com Data over the past one year. Similarly, in Pune, the comparatively cheaper markets ― Pune West, the PCMC region and Nagar Road ― contributed 62 per cent to the inquiries received. The pricier markets of east Pune have taken a beating. Same is true of Bengaluru, too, where manufacturing and information technology hubs are driving the demand.
Note: PropTiger data on Mapping Home Buyers Enquiries In India is based on search results and inquiries of prospective end-users and investors on its real estate web portal. Click to browse.
Also read
Buyers City propguide 3BHK Apartments in Gurgaon PropTiger research