Real estate still remains desirable asset for all India: Report

In a year marked with a series of policy changes to bring in more transparency, real estate remained a desirable asset for Indians as more than 15 lakh people actively searched to buy property in 2017, according to a report released on Wednesday.

"How India searched for Homes in 2017", prepared by online realty site Magicbricks, analysed consumer behaviour over the last 12 months to capture interesting consumer trends in 2017.

According to it, Maharashtra occupied the top spot with seven of its localities being the most preferred localities around the country. New Delhi remains a winner when it comes to rented properties while Navi Mumbai and Hyderabad are high on the buying meter.

"In a year marked with several policy changes, the fact that there were more than 15 lakh active searches for a property in 2017 debunks the myth that buyers have exited the market and establishes that real estate continues to be a desirable asset for Indians," said the property site's Head Marketing Prasun Kumar.

With prices remaining flattish over the last one year and demand-supply equation balancing out due to fewer project launches, it is certainly the right time for home buyers to invest in their home, he said.

The report also revealed that residents are also especially particular about the type of property.

Bengaluru is the one city open to mostly all building types. When it comes to specific choices, Hyderabad and Chennai prefer residential houses, plots and villas. Multi-storey apartments are popular in Pune and Navi Mumbai, whereas Delhi, Ghaziabad and Chennai prefer builder floors. Metro cities like Ahmadabad and Mumbai favour penthouses, the report said.

--IANS

bdc/vd