Roti, Kapda & Makaan: What do home buyers want?

Union Budget, a yearly affair of Government of India, displays the outlines of yearly economic planning, which is among the most significant economic and financial event. It provides an estimate of expenditures and revenues. As the budget establishes the cost constraint for a program, project, or operation, the upcoming Union Budget 2014 is awaited by all sectors of the economy, including real estate. In India, buying a property is considered to be a milestone in terms of financial investments and home buyers keep a look out for the steps taken during the Budget to decide their next course of action.

With the intention to gauge the expectations of home buyers from Union Budget 2014-15, Makaan.com, India’s fastest growing property site, conducted a research christened Roti, Kapda & Makaan 2014. The research was carried in the month of January & February 2014 among 1836 home buyers in the cities of Mumbai, Delhi NCR, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Chandigarh, Indore and more.

The key findings of the research are:

Indian home buyers want an eighth Fundamental right: Right to own a house

Fundamental rights are regarded as a set of legal protections that belong without presumption or cost of privilege to all human beings under a jurisdiction. As part of the research, Makaan.com asked the home buyers whether owning a house should be a fundamental right of Indian citizens. The results screamed in affirmation as a whopping 90% of homebuyers said that owning a house should be a fundamental right of the Indian citizens.

As per the home buyers if such an amendment is passed in the Union Budget 2014, it will fulfill one of the basic needs of human being, i.e. Makaan and will also provide the much needed boost to the real estate sector and the economy on the whole. Only 5% home buyers each said that right to own a house should not be a made a fundamental right and that they cannot comment on the topic

Pressing requirement for dispute redressal mechanism; 82% of homebuyers believe that it will safeguard their interests

Since the approval of Real Estate Regulatory bill, the home buyers have taken a sigh of relief as they feel that further on they will not be cheated through misleading advertisements and selling on the basis of super area. However, home buyers feel that still there are a lot of grey areas that are left unaddressed and rules cannot be made for every situation. On being probed on the current state of dispute redressal system, home buyers expressed their dissatisfaction and 82% are of the opinion that the property market urgently requires a “dispute redressal mechanism” to safeguard their interest. They are hopeful that Finance Minister will take steps in setting this mechanism as part of 2014 Budget.

been a growing number of cases of project delays and allotment cancellations, home buyers are discouraged and are finding it difficult to cope with such situations; therefore, the desire for the redressal mechanism is becoming stronger.
 
Although dissatisfied with the current state of real estate sector, home buyers are hopeful of a positive impact from Union Budget 2014

The year 2013 gave the real estate industry a few reasons to smile, for example, introduction of Real Estate Regulatory Bill and Land Acquisition Bill in the parliament. However, on a majority scale, the home buyers remained discouraged and adopted a wait and watch policy due to high property prices and home loan interest rates. This dissatisfaction of the home buyers comes out quite evidently in the next research question asked by Makaan.com regarding the state of real estate sector. Almost 90% of home buyers said that they are dissatisfied with the current state of real estate sector in India.

Source: http://www.moneycontrol.com/master_your_money/stocks_news_consumption.php?autono=1040210