Homing in Bangalore
Bangalore has emerged the third most preferred real estate investment destination in the country for the year. While Delhi tops the charts with 34 pc of buyers wanting to buy a house there, Mumbai follows with 28 pc. Eleven per cent of buyers are looking at Bangalore, says the survey.
Bangalore has emerged as the third most preferred investment destination for real estate in 2010, according to a nationwide survey, ‘Realty Trends 2010’ conducted by akaan.com for metros and tier II cities of the country. According to the findings of the survey, Bangalore, after Delhi and Mumbai, is considered the third most preferred real estate investment destination in 2010, nationally. Eleven per cent of the national property seekers want to own a house in Bangalore. Delhi tops the charts with 34 per cent of buyers wanting to buy a house in the capital. Mumbai follows the capital with 28 per cent interested buyers nationally.
Driven by end-user
The survey also reveals that the realty sector in 2010 is going to be driven by the end user. Owing to recession and fluctuating property prices, property seekers were shying away from making a property purchase last year, but with improving economy and slightly stable property prices; seekers are ready to jump into the market this year.It’s interesting to know that most of the buyers, who are interested in buying a house this year, want it for themselves; this confirms the fact that speculators, who drove the real estate boom in 2004-07, are more or less out of the market. Even the ones who are willing to invest at this time are the long-term investors. The survey notes that 67 per cent of the national property seekers want to buy a house for self-consumption. Only 23 per cent of national seekers are looking for property options from a long-term investment perspective. Short-term investors have only 10 per cent takers. When it comes to Bangalore, the trend is in line with the national findings, 64 pc of the property seekers from the city want to buy a house for themselves. On the other hand, 26 pc of buyers from Bangalore, who want to buy a house this year, are only looking at it from a long-term perspective. Only 10 per cent of the survey participants from Bangalore want to invest for the short term.
South Bangalore preferred
Within Bangalore, with 34 pc interested buyers, a majority of property seekers from the city want to own a house in Bangalore South. Bangalore North comes next in demand with 24 pc of property seekers looking for options in that area. Bangalore Central area is preferred by 21 pc of the survey’s respondents. Bangalore east and west have attracted 14 pc and one per cent interested buyers.
Signs of recovery
Commenting on the findings, Aditya Verma, Business Head and Vice President of makaan.com says, “With economies stabilising around the globe, the domestic market has also started showing signs of recovery and the buzz around property has started again.”“However, this time the buyer is more discerning and scrutinising, while investing their money in projects,” Verma adds. A majority of respondents who participated in the survey belong to the age group of 26- 35 years. Conducted online, the survey saw participation from over 4,800 property seekers.