Bangalore Real estate market to boom with 90 percent buyers
According to a survey conducted by 99acres.com, the study revealed that this New Year will bring back the cheer in the real estate market
A survey conducted among 9000+ registered users (buyers) of 99acres.com, revealed that this New Year will bring back the cheer in the real estate market. 92% of buyers confirmed that they plan to buy a property over the next six months. This clearly indicates that affordable housing coupled with several new launches over the next few months, has led to an overwhelming majority indicating that the first half of 2011 is good time to buy property.
The study also revealed that 90 percent of buyers from Bangalore have planned to buy a property over the next six months. 51 percent respondents from Bangalore said that Location and 41 percent said Price is the key factor that is considered before purchasing a property. Commenting on the trend, Vineet Singh, Business Head, 99acres.com said "The overall outlook for the industry is very positive as indicated in the survey as well. From a 3-5 year perspective these markets are prime for investment. So, overall the market is very well-poised for further growth in 2011,”
The survey also queried on the key criterions that are taken into account while purchasing a property. 49% respondents said Location and 43% said Price is key factor that is kept in mind before purchasing a property. When questioned about the purpose of buying a property then 69% respondents said that they are looking to buy a property for self occupancy and 22% said the reason for purchase would be investment.
“Purchasing a home is a big financial commitment and when we asked buyers about what kind of budget they have in mind for buying a property then 36% from Delhi, 48% from Bangalore and 33% from Mumbai said that the budget would be between 21 lakhs and 40 lakhs. Budget below 20 lakhs also emerged as a popular criteria in the survey where 26% respondents from Bangalore, 34% from Delhi and 40% from Mumbai opted for the same. Thus, the real estate market for 2011 seems upbeat and buyers are really optimistic about the year ahead,” he adds