A new survey states that Indians are primarily looking to purchase houses costing Rs 20-50 lakh. This means the new housing projects costing crores of rupees may not have many takers.
Moreover housing demand in the National Capital Region, which has seen an array of lavish and expensive projects being started in the recent past, is far lower than cities like Mumbai, Hyderabad and Bengaluru.
However the irony is that the National Capital Region, has more under-construction houses than any other part of the country and has the smallest availability of ready to move-in projects.
These findings are a result of a survey conducted by India’s leading brokerage house ICICI Securities, which check out the trend in 8 Indian cities including Mumbai, Delhi/NCR, Bengaluru, Chennai, Kolkata, Ahmedabad, Hyderabad and Pune.
According to the survey, Indian home buyers are slightly optimistic about the property rates. They are mainly interested in mid-income housing (Rs 20-50 lakh). While 50% of potential buyers are looking for houses costing Rs 20-50 lakh, 35% want a rate below Rs 20 lakh.
Less than 3% buyers are looking for houses costing over Rs 1 crore and 12% are interested in houses costing Rs 50 lakh to Rs 1 crore.