New Delhi, Oct 28 (IANS) A majority of homebuyers in India expects property prices to rise by 6-15 per cent over the next 12 months, citing capital appreciation and rental yields as key motivators, according to a report on Monday.
Those with annual household incomes between Rs 20 lakh-Rs 30 lakh are showing strongest preference for purchasing homes, signalling rising aspirations within the middle-income segment.
These buyers are mainly considering investments in the Rs 75 lakh to Rs 1 crore range, according to the report by real estate platform Magicbricks.
The report stated that nearly 35 per cent view return on investment (ROI) through property appreciation as their primary reason for buying, while 22 per cent are motivated by rising rental yields.
Notably, most homebuyers did not see inflation as a deterrent in their purchasing decisions.
“Buyers are willing to invest 4-5 times their annual income in residential properties. Households earning Rs 20 lakh-Rs 30 lakh annually are focusing on homes priced between Rs 75 lakh and Rs 1 crore while those in the Rs 30 lakh-Rs 50 lakh income bracket are leaning towards properties in the Rs 1-Rs 1.5 crore range,” the report noted.
For households with an annual income exceeding Rs 1 crore, the preferred budget is typically between Rs 3.5-Rs 5 crore.
According to economists, amid the government’s push to develop world-class infrastructure, the real estate industry is also surging due to better connectivity options, festive incentives, and changing lifestyle choices.
More Indians are now opting for “lifestyle residences” and real estate remains the most preferred asset class for investment, especially premium properties. Several developers are now offering incentives around the year, especially during the festive season, which has also resulted in a surge in property buying.
According to another report by FICCI and Anarock Property Consultants, about 51 per cent of Indians now prefer 3 BHK units, showing increased demand for larger homes, as 67 per cent of buyers seek property for end use, while 33 per cent for investment purposes.
–IANS
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