Indian real estate buyers tempted by dream home opportunity

Indian buyers are now starting to see the slowing housing market as an opportunity to “buy a dream home” a survey has suggested.

MagicBricks said its poll showed about 87 per cent of potential real estate buyers now see the proliferation of discounts as a temptation.

The firm conducted the research to assess what impact lower home loan rates were having on the country’s struggling housing market.

Responses were sought from the Bangalore, Kolkata, Delhi NCR, Mumbai, Hyderabad and Chennai real estate markets, along with housing markets in some smaller cities.

Executives said those polled

“welcomed measures such as differential home loan interest rates for budget homes”.

Experts also said the results suggest government moves to kick-start the real estate market could finally be having an effect.

Ms E Jayashree Kurup, the company’s head of content and research, said buyers from all social groups and age ranges were now looking to enter the housing market.

The survey also showed how much people expect to spend on a home, with about 52 per cent saying they could spend between Rs 10 and 30 lakh.

MagicBricks is one of India’s leading real estate research firms, regularly polling opinion on housing trends and values.
http://www.offplanpropertyexchange.com/news/2009/01/indian-real-estate-buyers-tempted-dream-home-opportunity/624