87% of potential home buyers see opportunity in slow markets: Study

About 87 per cent of potential real estate buyers see a slow market as an opportunity to buy their dream home at discounted prices, according to an online survey conducted by Brix Research, the research wing of real estate portal MagicBricks.com.

The survey found that about 52.2 per cent of the respondents were willing to spend between Rs 10-30 lakh to purchase a house, while another 30.5 per cent said they could spend anywhere between Rs 30-60 lakh for this purpose. Just 2.7 per cent said their estimated budget for buying their dream home was above Rs 1 crore.

According to MagicBricks, the survey saw the participation of people 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. Some responses also came from overseas Indians in Oman and US.

About 40 per cent of respondents were in the age group of 20-30 years while another 38 per cent belonged to the 30-40 age group. 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.

Naveen Luthra, vice president and business head, MagicBricks.com, has said, “As the leading property portal of India, we endeavour 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.”

E Jayashree Kurup, head of content and research, MagicBricks.com, has added, “With the government lowering interest rates and the private sector building affordable apartments, buyers from all social strata and age groups have become active.”