Bangalore thirst most preferred investment desitnation

In order to gauge the real estate trends that will be prevalent this year, Makaan.com conducted a nationwide survey, calling it “Realty Trends 2010” for Metros and tier II cities of India. As per the survey findings, Bangalore -- after Delhi and Mumbai--- is considered as the third most preferred real estate investment destination in 2010, nationally. Almost 11% of the national property seekers want to own a house in the city.

• Delhi tops the charts with 34% buyers wanting to buy a house in the capital.
• Mumbai follows the capital with 28% interested buyers nationally.
• Hyderabad along with Bangalore has also attracted 11% property seekers each. The survey also reveals that the realty sector in 2010 is going to be driven by end user. Due to recession and fluctuating property prices, property seekers were shying away from making a property purchase last year, but with improving economy and slightly stable property prices; seekers are ready to jump into the market this year.

It’s interesting to know that most of the buyers, who are interested to buy a house, this year, want it for self-consumption; this confirms the fact that speculators, which drove the real estate boom in 2004- 07, are more or less out of the market. And, even the ones who are willing to invest at this time are the longterm investors.

• 67% of the national property seekers want to buy a house for selfconsumption.
• Only 23% are looking for property options from a long-term investment perspective.
• Short-term investors have only 10% takers.

When it comes to Bangalore, the trend is in line with the national findings, 64% of the property seekers from the city want to buy a house for self-consumption. On the other hand 26% buyers from Bangalore, who want to buy a house this year, are only looking it from long-term perspective. Only 10% survey takers from Bangalore want to invest for short term.

• With 34% interested buyers, majority of property seekers from the city want to own a house in Bangalore South.
• Bangalore North comes next in demand with 24% property seekers looking for options in that area.
• 21% survey takers prefer Bangalore Central for buying a house in 2010.
• Bangalore east and west have attracted 14% and 1% interested buyers.

Commenting on the survey findings, Mr Aditya Verma , Business Head and Vice President, makaan.com says, “With economies stabilizing around the globe, the domestic market has also started showing signs of recovery and the buzz around property has started again. However, this time the buyer is more discerning and scrutinizing, while investing their money in projects. Our recent survey ‘Realty trends 2010’ is an effort to find out the psyche of the current property seekers and help them in making and informed property buying decision”.

The study was conducted on the portal between15th February 2010 – 5th March 2010. Majority of respondents who participated in the survey belong to the age group of 26 - 35 years. Conducted online, the survey saw participation from over 4,800 property seekers.

Source: www.makaan.com\survey