India wants to own a home in 2015

As per a recent poll and survey conducted by Magicbricks on ‘Property Resolutions for 2015’, more than 50 per cent of the respondents resolve to buy a new home for themselves this year!

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We are almost 15 days into the New Year and as usual are busy trying to keep our resolutions we diligently vowed to stick to when the year began. While majority of us would be busy losing weight or trying to quit a bad habit, a major chunk of property enthusiasts in the country have resolved to buy a new home this year.

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As per a recent poll and survey conducted by Magicbricks -‘Property Resolution for 2015’, more than 50 per cent of the respondents claimed they want to buy a home for themselves this year. Also, nearly 30 per cent of the respondents wanted to buy a property as an investment.

The survey further revealed that the younger generation in the age group of 25-35 years seemed more keen about the sector. While 30 per cent of those planning to buy a home for themselves belonged to this age group, nearly 50 per cent who wanted to buy property as an investment, were aged between 25-35 years. This reflected the intent of a young nation that is really keen on realising its dream of owning a home!

The survey also revealed that more than 20 per cent of the respondents pledged to sell their properties this year. Out of this, 40 per cent wanted to make new investments by selling their current asset while 30 per cent cited the need to get best returns on their property as the reason for selling.

Another interesting finding was that very few wanted to upgrade to a larger home if they were living in their own house. However, 25 per cent of those residing in rented accommodation wanted to move to larger accommodation in 2015.

As in the beginning of every year, the respondents also seemed to be enthusiastic about their property resolutions. As per the survey, the majority of respondents (43%) wanted to fulfil their resolution (buy, sell or rent a property) within the first three months of the year.

Thus, if we go by the results of the survey, 2015 might prove to be a good year for the real estate sector, which has remained subdued in the last couple of years. The only caveat - if everyone sticks to their resolution of buying a property!

Sruthi Kailas is a keen market researcher and is currently a part of the content and research team of Magicbricks.com.

Source: http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/india-wants-to-own-a-home-in-2015/80093.html