Demand for large size houses increased in Delhi-NCR, 3BHK became first choice of home buyers

[ad_1]

Property Demand in NCR MMR: Like a big car in NCR (Delhi) and MMR (Mumbai), now everyone wants a big size house too. This information has been revealed in a survey by industry body Confederation of Indian Industry (CII) and property consultant Anarock. According to the survey, the demand for large size houses has increased in NCR and MMR.

Now 3BHK became first choice of home buyers

42 percent of the respondents are looking for 3BHK i.e. three bedroom homes, 40 percent for 2BHK i.e. two bedroom homes, 12 percent for 1BHK i.e. one bedroom homes and 6 percent for more than 3BHK space. It also found that 58 per cent of home buyers want to buy properties priced between Rs 45 lakh and Rs 1.5 crore. At the same time, 36 percent of the participants have expressed their desire to buy houses that will be ready within a year.

The effect of higher home loan rate will be visible

A total of 4662 people participated in this survey, Anarock said in a statement. 96 percent of the buyers involved in the survey believe that further increase in the interest rate on home loans will affect their decision to buy a home. The higher rate of home loan will affect their home buying decision in future. Let us tell that recently, in its monetary policy, RBI kept the repo rate unchanged, contrary to market expectations. According to the survey, apart from interest on home loan, high cost remains an important factor for more than 80 per cent home buyers.

Housing demand will never end: Anuj Puri

The survey also found that despite the cost increase, the demand for bigger homes has not reduced. Anarock Chairman Anuj Puri said, the increase in interest rates on home loans is a part of the overall demand scenario. The recent layoffs in both large and small scale companies are likely to impact demand in the next two quarters and slow down the growth of the housing market to some extent. Anuj Puri said, the current turmoil in the market is likely to end by the financial year 2024-25 and the demand in the market will increase again. He said that the demand for housing will stop for some time but will never end.

[ad_2]

Source link