More Amdavadis will buy property this year than metro, tier-II city residents, says survey.
A recent survey conducted in Indian metros and tier-II cities has revealed that buyers in Ahmedabad will purchase the most property in the country, out of the maximum home-seekers across India, in the coming year. According to the survey, 80% of those who responded will be buying homes by the end of 2009, against the national average of 72% for property seekers. The corresponding figures for the other cities in the study were between 62% and 76%.
The survey was conducted by makaan.com, an online portal, in October and saw participation from more than 3,800 property seekers and 312 leading developers from seven metros and tier-II cities - Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune. A majority of the respondents were between 26 and 35 years of age.
According to officials of makaan.com, the real estate market in India traditionally sees a surge in property buying and selling at the beginning of Diwali. Real estate developers introduce the most attractive offers at this time, and property seekers keep a lookout for these. But considering that the last one year saw property prices undergoing various levels of correction, would developers continue to have these offers this season is the question.
Called ‘Festive Reality’, the study analysed and highlighted the expectations of property seekers and what developers have to offer this year. “Ahmedabad is one such city, rather the only one that has the advantage of safety and peace compared to other cities of India. Also, with the kind of industries and educational institutions coming up in and around the city, the prospects for home buyers are very bright,” said Kishor Dedhia, MD, Space Management Ltd. Many corporate firms are also entering or planning to establish their presence in Gujarat, with Ahmedabad being the preferred city. This will drastically increase the requirement of homes, Dedhia said.
The survey said that developers in Ahmedabad and Pune expect a greater rise in property transactions. Good infrastructure and strong governance are the two main factors luring outsiders to settle in Ahmedabad. Also, the property prices in Ahmedabad are lower that those in other big cities and metros, which is an advantage for both developers and prospective buyers, said Mukesh Seth, chairman, Gujarat chapter, Confederation of Real Estate Developers’ Associations of India.
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