Property Ownership: 65% Indians are willing to buy a home in 2024, revealed the annual report released by real estate property website NoBroker. This as the gap between rent and EMIs continues to narrow. The report further added that the increase in affordability and security of owning a physical asset is also among the other contributing factors.
The report surveyed 32,000 Indians out of which 41% said that it now makes more sense to buy rather than to rent a property. Those who were surveyed noted that the biggest factor pushing people towards buying homes is the rise in rent.
In Bengaluru the rent has risen 24%, 18% increase in Chennai, 16% in Hyderabad, 15% in Delhi-NCR and 14% in Mumbai. 56% of the landlords who participated in the survey have increased the rent by as much as 28%. 86% of the landlords are looking to buy a second property as an avenue for investment.
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As per the report, the second most important factor for people to choose to buy a home is affordability. 27% said that they want to buy a home simply because they can while 23% said that they want to get the security of owning a physical asset. 9% said that they want to buy a home because they are getting married.
The preference of investment in real estate also continues. As compared to 71% in 2022, 74% of Indians at the end of 2023 believe that real estate is better than any other form of investment.
"It (real estate) has demonstrated a track record of consistent growth over the past few decades and, time and again, has proven to be the best investment option. It is a safe investment option that appreciates over time and ensures good returns while also enabling tax savings," the report said.