Home Seekers Keen to Invest In Mid-Range Budget Homes: Reveals Magicbricks Survey

New Delhi, April 06, 2017: Magicbricks, India’s No 1 real estate portal, conducted a survey on “What do you want to buy? A mid-priced home or homes priced Rs 40 lakh and above?”According to the survey, over 78% of the respondents consider buying mid-priced homes, wherein maximum respondents preferred buying homes within Rs 40 lakh. This clearly states the inclination of buyers towards buying affordable homes. Not only this, 57% of the respondents prefer buying 2BHK apartments.

Anubhav Sharma, aresident of sector 34, Noida, is planning to buy a house in Noida. He is a first time home buyer and wants to invest in an affordable property. Anubhav says, “My main preference is for either a 1 or 2BHK apartment costing within Rs 35 lakh. With an annual income of Rs 14 lakh, it is easy for me to invest in a mid-priced property. As I am looking to buy a house for investment purpose and not as an end user, therefore,I want to invest in an area from where I can reap benefits in the future, he adds

Ashwani Kumar, a local real estate broker in Noida says, “Mid-priced homes are very popular among young professionals who are first time home buyers. In some cases such mid-range options are popular owing to their proximity to the IT hubs and the social infrastructure of the area.”

According to Aman, “I am planning to buy a mid-priced home owing to the affordability which comes along with the same amenities as with a luxury home.”

Affordability: Mehek Chawla, a house wife says, “We are currently living in a rented accommodation and plan to purchase a mid-priced home as it suits our pocket. We will be taking a home loan through a reputed bank up to 80% of the cost.”

Same amenities: Kumar says, “In a price segment of up to Rs 40 lakh,developers across the country offer various modern amenities such as club house, swimming pool, gym, pipe gas, security, parks, power back-up, among others.”

RohitPoddar, Managing Director, Poddar Housing and development says, ‘To boost the slowdown-hit real estate sector, the government had announced infrastructure status to affordable housing to encourage investment in this segment and offered tax sops to developers sitting on completed unsold inventories. The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18. To promote affordable homes, the government also proposed to amend the Section 80-IBA, relaxing the condition of period of completion of a project for claiming deduction from the current three years to 5 years.”

There are various people like Aman looking for affordable homes. However, to make the right property decision various handy online tools are available which make the entire process of property search easy. Do your own research! Yes, when it comes to searching property ensure you do a thorough research. Magicbricks offers a plethora of property options. If you are confused about which locality to select, tools such as compare localities and projects makes your task easy. So if you are certain of your choice in terms of property type, budget and other requirements, Magicbricks offers a number of options to begin your search.

Corporate Comm India(CCI Newswire)