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High demand for homes in India despite inflation, Ahmedabad leads in buying: Magicbricks
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The report also stated that 54% of Indian buyers and more than 75% of female workforce prefer to invest in the stock market after real estate.
Despite inflationary pressures, the Housing Sentiment Index (HSI) across India remains robust with strong buyer confidence, according to a report by Magicbricks, a real estate platform.
Based on preferences of over 4,500 customers across 11 cities, Magicbricks launched its flagship HSI — which reveals that the Indian residential real estate sector has an overall HSI of 149 .
Ahmedabad emerged as the frontrunner with the highest HSI of 163, closely followed by Kolkata (160), Gurugram (157), and Hyderabad (156), propelled by enhanced infrastructure and upcoming new real estate projects, the real estate platform said.
According to Sudhir Pai, CEO, Magicbricks, “The current scenario of India’s real estate sector reflects the most promising conditions witnessed in the past decade, instilling confidence among homebuyers and investors nationwide.”
The report also identified that mid-age professionals (24-35 years) demonstrated the highest HSI of 154.
Further, consumers with annual income of ₹10-20 lakh displayed strongest aspirations for home buying, with HSI of 156.
Abhishek Bhadra, Head of Research, Magicbricks explained, “Our research indicates that homebuyers are demonstrating a notable willingness to invest up to four times their annual incomes. This outlook is supported by various factors, such as increasing incomes, consistent economic stability, and targeted government initiatives aimed at reinforcing the resilience of the real estate sector.”
The report also revealed that a majority of homebuyers intend to make a purchase within three years.
Additionally, the report said 54% of Indian buyers and more than 75% of female workforce prefer to invest in the stock market after real estate.
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