Home Buyers See Opportunity in Slow Markets
MagicBricks.com’s Brix Research Survey finds that 87 per cent of potential home buyers are seeking good deals in a slowing market.
Noida (UP), India, January 12, 2009 --(PR.com)-- About 86.9 per cent potential real estate buyers see a slow market as an opportunity to buy their dream home at discounted prices. Just 13 per cent of the respondents feel otherwise. These were the results of an online survey conducted by Brix Research, the Knowledge Centre of MagicBricks.com – India’s no.1 property portal, promoted by the Times Business Solutions Limited.
Conducted to assess the impact of lowering home loan interest rates on affordable housing, respondents from metros such as Bangalore, Kolkata, Delhi NCR, Mumbai, Hyderabad and Chennai as well as smaller cities such as Kanpur, Ahmedabad, Nagpur, Mysore, Jamnagar and Haridwar participated. Some responses also came from overseas Indians in Oman and the US.
Explains Mr. Naveen Luthra, Vice-President and Business Head, MagicBricks.com, “As the leading property portal of India, we endeavor to offer value to our users and clients. Our BrixResearch surveys are aimed at drawing out recent trends in the real estate market so that our users can be served with latest updated information to aid their decision making process.”
Respondents welcomed measures such as differential home loan interest rates for budget homes. The survey by Brix Research revealed that market revival measures such as a cut in home loan interest rates does prompt users to consider buying property.
The participants of this survey belonged to varied social and economic backgrounds. About 40 per cent of respondents were in the age group of 20-30 years while another 38.2 per cent belonged to the 30-40 age groups. Of the respondents, about 57 per cent said that they had purchased property or owned property. The remaining 43 per cent did not own any property.
Commenting on the trend, Ms. E. Jayashree Kurup, Head - Content & Research, MagicBricks.com said, “With the government lowering interest rates and the private sector building affordable apartments, buyers from all social strata and age groups have become active.”
About 52.2 per cent respondents said they could spend between Rs 10-30 lakh to purchase a house. Another 30.5 per cent said that they could spend anything between Rs 30-60 lakh for this purpose. Just 2.7 per cent said that their estimated budget was above Rs 1 crore.
A detailed report of this survey is available on request. Mail your requests to info@brixresearch.com
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Conducted to assess the impact of lowering home loan interest rates on affordable housing, respondents from metros such as Bangalore, Kolkata, Delhi NCR, Mumbai, Hyderabad and Chennai as well as smaller cities such as Kanpur, Ahmedabad, Nagpur, Mysore, Jamnagar and Haridwar participated. Some responses also came from overseas Indians in Oman and the US.
Explains Mr. Naveen Luthra, Vice-President and Business Head, MagicBricks.com, “As the leading property portal of India, we endeavor to offer value to our users and clients. Our BrixResearch surveys are aimed at drawing out recent trends in the real estate market so that our users can be served with latest updated information to aid their decision making process.”
Respondents welcomed measures such as differential home loan interest rates for budget homes. The survey by Brix Research revealed that market revival measures such as a cut in home loan interest rates does prompt users to consider buying property.
The participants of this survey belonged to varied social and economic backgrounds. About 40 per cent of respondents were in the age group of 20-30 years while another 38.2 per cent belonged to the 30-40 age groups. Of the respondents, about 57 per cent said that they had purchased property or owned property. The remaining 43 per cent did not own any property.
Commenting on the trend, Ms. E. Jayashree Kurup, Head - Content & Research, MagicBricks.com said, “With the government lowering interest rates and the private sector building affordable apartments, buyers from all social strata and age groups have become active.”
About 52.2 per cent respondents said they could spend between Rs 10-30 lakh to purchase a house. Another 30.5 per cent said that they could spend anything between Rs 30-60 lakh for this purpose. Just 2.7 per cent said that their estimated budget was above Rs 1 crore.
A detailed report of this survey is available on request. Mail your requests to info@brixresearch.com
###
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Times Business Solutions
Aseem Seth
0120 3029123
www.brixresearch.com
Aseem Seth
0120 3029123
www.brixresearch.com
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