This year 8 out of every 10 people want to buy a house. 77% of the people involved in a survey have said that they want to buy property this year. Such people gave three main reasons for this. First the rent is increasing with time. Second, buying property is within the reach of more people. And third, owning a property gives a greater sense of security.
47% said that with the rate at which interest rates and property prices are increasing, housing prices will go beyond their affordability in the next few years. In the past five years, the average price per square foot of housing has increased by 7% in Bengaluru, 3.5% in Mumbai, and 4% in Delhi-NCR.
These trends emerged from a survey report by real estate marketplace NoBroker. 26,000 people from Bengaluru, Mumbai, Pune, Chennai, Hyderabad and Delhi-NCR participated in the survey.
21% people believe that the prices of houses have increased continuously.
17% said that they have given up their intention to buy a house due to rising interest rates.
According to 38%, being a landlord gives a stronger sense of security.
67% said the construction quality of the building would be the most important factor for them while buying a home.
There has been a huge jump in the prices of houses costing more than Rs 1 crore.
Homes priced above Rs 2.5 crore have seen the fastest rise in prices.
Despite the increase in interest rates and prices, the sentiment among home buyers in the country is positive.
Due to rapid urbanization, the number of people migrating to cities has increased by 2% annually.
