Study shows that city is among three South Indian cities that are confident on residential investments, are most likely to spend on homes in the next 12 months
Bengaluru is among the three cities that have shown the maximum propensity towards spending on homes over the next 12 months, according to the Knight Frank’s India Buyer Survey. Most buyers in the cities of Chennai, Hyderabad and Bengaluru, belong to the middle-income segment and have displayed heightened levels of confidence when it comes to residential investments.
Rajani Sinha, national director and chief economist – research, Knight Frank India, said, “We have seen more confidence in the Southern cities. While there was a loss of confidence in other cities and states, this region has retained its propensity to buy homes. The highest propensity to buy in Chennai where 63 per cent of respondents said they were likely to buy a home within the next 12 months, followed by Hyderabad at 54 per cent and Bengaluru at 39 per cent.”
Not only has Bengaluru Urban emerged as the first region in the state to achieve 100 per cent first dose vaccination, Bengaluru has always been a home-owner’s paradise due to its unique advantages. City-based asset advisor Bhadresh Mehta
opines, “The luxury segment is seeing more movement here than in any other city. This is because most buyers here work in the IT sector, which has seen salaries rise in stark contrast to other industries which have witnessed pay cuts.”
He said that combined with the historically low home loan interest rates, all these factors have resulted in a wave of site visits, bookings and home purchases over the past few months.
“Therefore, now is an opportune time for those who want to transition from renting to buying or upgrading their home in Bengaluru, as monsoon offers are making way for festive discounts in the current quarter.”
Pandemic pressures notwithstanding, sustained home buying demand in the Southern metros indicates rising propensity and a strong will to improve one’s living standards and quality of life.