The Annual Report 2023 from a Real Estate company unveils a significant trend as 65% of Indians are considering homeownership in 2024. This surge is attributed to the diminishing gap between rents and equated monthly installments (EMIs), signaling a pivotal shift in housing preferences. A closer look reveals that 41% of respondents find it financially prudent to buy rather than rent, with the steepest rise in rent observed in Bengaluru at 24%, followed by Chennai (18%) and Hyderabad (16%).
Factors Fueling the Decision to Buy Homes
Surveying 32,000 individuals, the report highlights the primary motivators for choosing homeownership. Beyond financial considerations, 27% express a desire to own a home simply because they can afford it, while 23% prioritize the security associated with owning a tangible asset. Interestingly, 9% view marriage as a catalyst for Investing in real estate, underscoring the multi-faceted nature of homeownership decisions.
Real Estate Resilience: Preferred Investment Choice in India
Delving into investment preferences, the report underscores real estate’s enduring appeal, with 74% of respondents favoring it over other options. This marks an increase from 71% in 2022. Gold garners 13% support, while stocks and systematic investment plans (SIPs) secure 12%. Surprisingly, only 1% of respondents express a preference for Bitcoin. In addition, The report attributes real estate’s popularity to its consistent growth, providing a secure Investment option with appreciating value over time, robust returns, and tax-saving advantages.
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In conclusion, NoBroker’s Annual Report provides an insightful panorama of the evolving dynamics in the Indian real estate landscape, shedding light on the factors steering a majority towards homeownership in 2024.