More than 50% of Indians are interested in buying an apartment as compared to villas or builder floor apartments, and 2BHK housing units are the most preferred choice for more than 40% of home buyers in Delhi, Bangalore, Chennai and Kolkata, said a research report by Housing.com today.
Housing.com, part of Elara Technologies Pvt Ltd, which also owns PropTiger.com and Makaan.com, today unveiled the findings of its research on top investment localities and preferred property type by Indian home buyers. Based on insights drawn from the traffic witnessed on Housing.com, this research helps to understand the buying trends of Indian home buyers across top 5 cities in India – Mumbai, Delhi-NCR, Bengaluru, Chennai and Kolkata.
While looking for a property, a buyer would normally prefer a perfect mix of a great social and civic infrastructure along with proximity to key locations. This research aims to assist home buyers to identify top localities for property investment in the five regions and presents preferred property type and configuration by home buyers in those regions.
Key highlights from the research:
Top localities for investment
# Mumbai’s property market is legendary and the hottest investment destinations in the city today include Thane West, Dombivli East, Mira Road East, Andheri West and Panvel.
# Delhi and the National Capital Region (NCR) region is bustling with a range of infrastructure development and top localities to invest in the region include Rohini, Uttam Nagar, Dwarka, Sector 16/Palam Vihar and Noida Extension.
# Bengaluru, popularly known as the ‘Silicon Valley of India’, is one of the upcoming residential markets in India and top 5 investment localities in the city are Hormavu, K R Puram, Whitefield, Electronic City and J P Nagar.
# On the back of infrastructural developments, Chennai has been transforming itself into a real estate hotspot. The top localities of the city preferred for investment are Perambur, Kolathur, Ambattur, Madipakkam and Chromepet.
# The top localities in Kolkata, the capital city of West Bengal are South Dum Dum, Dum Dum, Rajarhat, New Town and Garia.
Type of Houses
# More than 50% of Indians are interested in buying an apartment as compared to villas or builder floor apartments.
# Mumbai is fast emerging as the preferred destination for home buyers as 96% of home buyers choose apartments over villas and builder floor apartments.
# Surprisingly, demand for apartments in Delhi-NCR was recorded lowest at 54%.
# The preference for builder floor apartments is 37% in Delhi and extremely low in other cities (2% in Mumbai, 1% in Bangalore, 3% in Chennai and no preference at all in Kolkata).
The overwhelming preference for apartments shows the growing acceptance of this property type amongst the urban population who prefer a standard lifestyle with various amenities at a reasonable cost.
# 2BHK housing units are the most preferred choice for more than 40% of home buyers in Delhi, Bangalore, Chennai and Kolkata. In Mumbai, 51% home buyers prefer 1 BHK owing to escalating property rates in the city.
# 3BHK is the next most preferred configuration in Delhi-NCR, Bangalore, Chennai and Kolkata (on an average 20% home buyers prefer 3BHK in these cities) as most of the buyers look for a balance between spacious homes, amenities, luxury and affordability. However, only 6% home buyers prefer 3BHK in Mumbai, stating affordability as the major concern in the region.