Among other things, the top two key findings of the research are:
1. Urgency to buy a property highest among Delhi NCR, Bangalore and Chennai home buyers
The time frame within which homebuyers wish to conclude the desired property transaction varied from city to city. The interesting fact was that the differentiation is not on the basis of Tier 1 and Tier 2 cities but a function of local dynamic and market sentiments. Home buyers in Delhi/ NCR, Bangalore and Chennai can be classified as “Active seekers” as majority of them would prefer to conclude the property deal in less than 3 months. This is the most aggressive time frame when compared to other cities in India. Home buyers in Pune can be categorized as “Moderate seekers” in terms of purchasing a property as their want to conclude the transaction is in 3-6 months.
On the other hand, Mumbai, Kolkata, Chandigarh and Ahmedabad are the cities in which majority of home seekers are of the view that they would want to invest more than 6 months prior to purchasing the property. The urgency to purchase the property in these cities is less as compared to others. The homebuyers in these cities can be classified as “Passive seekers”.
2. City of Mumbai and Delhi NCR account for over 50% of national home buyers
The rise in property prices have been experienced all across the nation. Makaan.com analyzed which cities are having the highest concentration of home buyers across the nation despite the high property prices. Maximum number of home buyers want to invest in a home in Mumbai, closely followed by Delhi/NCR. The home buyers looking for investing in these two metros do not necessarily belong to these areas; around 35% of them have moved from other towns and cities to settle here and are now looking for having their own dwelling place in Mumbai and/or Delhi/NCR.
After Mumbai and Delhi/NCR, the maximum number of home buyers are searching for property in Bangalore.
In Tier 2 cities, majority of home buyers are looking for property in Pune, Chennai and Kolkata. The concentration of home buyers in Ahmedabad and Chandigarh is also significant.
Apart from the key findings, the research also highlighted the following preferences of home buyers in Tier 1 and Tier 2 cities:
• Overall, home seekers have been searching for property for more than 6 months.
• Unavailability of the right deal is the prime reason for delay in purchase decision.
• Most End users are unsure whether it is the right time to invest in real estate.
About MakaanIQ
MakaanIQ, is an initiative by real estate website Makaan.com, to provide information, intelligence and tools to help property seekers and real estate industry players take an informed property investment decision. MakaanIQ offers a host of services for the benefit of the home buyers including latest news on the Indian real estate sector and analysis of the property trends across major Indian cities. The website allows home buyers to search for property for buying, renting or PG. Home buyers can calculate their equated monthly installment (EMI) or check their affordability by using some simple tools. The website has been integrated with Makaan.com Property Index (MPI), a popular tool that offers up-to-date information related to the movement in residential property prices. For details check www.MakaanIQ.com.
Disclaimer
This research report is based on the data gathered from home buyers during their participation in an online survey on Makaan.com and is assumed to be accurate and complete. Makaan.com accepts no responsibility if the data is not found to be accurate or complete. Property seekers are advised to verify these findings before taking any decision. Makaan.com (People Interactive (I) Pvt. Ltd.), gives no warranty, express or implied, as to the accuracy, reliability and completeness of any information and does not accept any liability on the information which may or may not be subject to change from time to time due to market condition.
