According to the Survey, There are Fewer Property Owners in India
Jun 01, 2017 Home Trading Steps
The recent survey by India Mortgage Guarantee Corporation (IMGC) shows some staggering result in the real estate front. According to the report, the high property prices and interest rates drive away the potential buyers. These are the major deterrent for the middle income group buyer to put the property investment on hold.
More than half of the people are not looking forward to buy the property in next six months, due to high prices and less saving. The high interest rates are also acting as a limiting factor in property purchasing followed by the every soaring property prices and the unavailability of the loan that suits the pocket.
According to the survey report, only 32 percent live in the home they brought themselves. Almost 38 percent still live with their parents and the rest 30 percent live in the rented houses.
Half of the people are looking forward to buying the affordable homes with less that 500 sq feet carpet area. Metros and mini metros are the preferred options for the buyers to invest in. around 31 percent would prefer to invest in the property in their home town.
The younger age group prefer to buy the affordable property rather than the people in the age group of 45- 55 years.
It is expected that the real estate in India will see a huge surge in the affordable segment. With the provisions being made in the segment, it is expected that more and more buyers will come forwards and invest in properties.
The level of tenancy is higher in small towns with 37 percent as compared to 29 percent in metros and mini metros at 27 percent. The younger generation in the age group of 25-44 years has the highest level of tenancy with 63 percent.
The most important thing that influences the buyers are the lower loan rate, extended loan tenure and increased tax benefits with the property buying. Buying a house is a huge investment option. Therefore, most of the recent buyers and potential buyers are investing in the same.
The pride of owning a house and the long term security that comes with it is the primary motivating force to buy the house. The self employed buyers are more interested in buying the property, resulting in greater need for the home loans that suit everyone’s pocket.
The preference of self constructed houses is 56 percent in small towns, 47 percent in mini metros and 37 percent in metros.
The average cost to invest in property is highest in metros with Rs 37 lakhs while lowest in small towns with Rs 27 lakhs.
More than half of the people are not looking forward to buy the property in next six months, due to high prices and less saving. The high interest rates are also acting as a limiting factor in property purchasing followed by the every soaring property prices and the unavailability of the loan that suits the pocket.
According to the survey report, only 32 percent live in the home they brought themselves. Almost 38 percent still live with their parents and the rest 30 percent live in the rented houses.
Half of the people are looking forward to buying the affordable homes with less that 500 sq feet carpet area. Metros and mini metros are the preferred options for the buyers to invest in. around 31 percent would prefer to invest in the property in their home town.
The younger age group prefer to buy the affordable property rather than the people in the age group of 45- 55 years.
It is expected that the real estate in India will see a huge surge in the affordable segment. With the provisions being made in the segment, it is expected that more and more buyers will come forwards and invest in properties.
The level of tenancy is higher in small towns with 37 percent as compared to 29 percent in metros and mini metros at 27 percent. The younger generation in the age group of 25-44 years has the highest level of tenancy with 63 percent.
The most important thing that influences the buyers are the lower loan rate, extended loan tenure and increased tax benefits with the property buying. Buying a house is a huge investment option. Therefore, most of the recent buyers and potential buyers are investing in the same.
The pride of owning a house and the long term security that comes with it is the primary motivating force to buy the house. The self employed buyers are more interested in buying the property, resulting in greater need for the home loans that suit everyone’s pocket.
The preference of self constructed houses is 56 percent in small towns, 47 percent in mini metros and 37 percent in metros.
The average cost to invest in property is highest in metros with Rs 37 lakhs while lowest in small towns with Rs 27 lakhs.
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