Out of this 33%, the majority (57%) wanted to earn rental yields from the same, while another 20% planned to sell their property after its price has appreciated significantly. The remaining 23% viewed real estate as an asset for securing their future.
Even for millennials, buying a house featured at the top of their priorities. 66% of millennials & 41% of generation-X respondents highlighted that they intended to utilize their investment gains to buy a house in the future.
What was also notable was the significant decline in demand for ready-to-move-in units, and a corresponding rise in the demand for under construction units. During the first half of 2024, for every 20 individuals who preferred a ready-to-move-in house, 25 respondents chose a new launch or under construction property. This ratio was at 32:21 in the first half of 2021.
Some of the reasons why over 53% homebuyers are dissatisfied with the current available options when it comes to
However, that does not mean that there is little demand for luxury homes. 28% of respondents preferred buying a house between the range of Rs 90 lakh and Rs 1.5 crore. This was a mere 18% prior to the pandemic. However, the most common budget range for houses remained between Rs 45-90 lakh, with 35% of respondents choosing the same.
As far as under-construction properties are concerned, a staggering 98% of respondents prefer timely project completion, 93% choose improved construction quality, and 72% prefer a well-lit, ventilated home.
The report further noted that Indians are increasingly inclined towards larger, more luxurious living spaces. 3BHKs and apartments remained the most preferred choice of residence and property type, with 51% and 58% of respondents opting for them, respectively.
With RBI currently deciding to hold off on slashing interest rates in October for the 10th consecutive time, home loan rates are likely to stay elevated in the future. Experts estimate that the RBI will start cutting interest rates early next year.