65% Indians looking to buy a home in 2024: NoBroker Annual Report 2023
- IBEF
- December 12, 2023
According to the annual report from real estate property website NoBroker, 65% of Indians are inclined to purchase a home in 2024 as the gap between rents and equated monthly instalments (EMIs) continues to narrow. The report, based on a survey of 32,000 Indians, highlights the increased affordability and the sense of security associated with owning a physical asset as significant factors influencing homebuying decisions. The survey reveals that the predominant factor driving home purchases is the escalating cost of rent, with 41% of respondents indicating that buying a property now seems more financially prudent than renting.
The report's findings indicate that Bengaluru experienced the most significant surge in rent, with a 24% increase, followed by Chennai at 18% and Hyderabad at 16%. In Delhi NCR, rent saw a 15% rise, while Mumbai witnessed a 14% increase. The second most influential factor driving home purchases is affordability, with 27% of surveyed Indians expressing the desire to buy a home simply because they can. Additionally, 23% cited the pursuit of the security associated with owning a physical asset, while 9% mentioned the motivation to buy a home due to impending marriage.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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