Buying Home will be affected if interest rate is more than 9%, residential market of $1.04 trillion by 2029
About 90 percent of the respondents in FICCI and Anarock's 'Home Buyer Perception Survey' survey said that their desire to buy a house may be affected if the home loan is more than 9 percent.
The real estate industry is expanding rapidly in India due to the country's economic growth. With an annual growth rate of 25.6%, the residential market is expected to reach $1.04 trillion by 2029. Expensive house loans, though, may prove to be a significant barrier to this expansion. Approximately 90% of participants in the 'Home Buyer Perception Survey' conducted by FICCI and Anarock stated that a home loan amount greater than 9% would have an impact on their intention to purchase a property. According to the poll, over 71% of respondents think that buying decisions won't be impacted if interest rates stay below 8.5%. 54% of respondents stated that if the interest rate is between 8.5% and 9%, they will need to reevaluate their decision.
About 98% of the home buyers' main priority fall on the timely completion of the projects. Ninety-three percent of them want better construction quality and approximately 72% willing to purchase a well-ventilated house.
More than 59% people prefer real estate as their area of investment. More than 67% want to buy houses for self-use. A budget of 45-90 lakhs is preferred by more than 35% buyers. 28% people want to buy houses up to 1.5 crores.
What essentially matters most to the long-term success of this industry is investor trust, said Pramod Rao, Executive Director of SEBI at the FICCI event. "SEBI's monitoring of transparency and working methods has been an important factor in maintaining this trust.
