A report by magicbricks.com has revealed that real estate prices are seeing a downtrend in North India, while continuing to rise in the West and the South.
Real estate prices increased in markets such as Bangalore and Hyderabad.
“The southern region comprising of Bengaluru (6%), Hyderabad (4%) and Chennai (1%) was the best performer followed by the western region with Mumbai (3%), Pune (3%) and Ahmedabad (0%),” the report said.
In contrast, “except for Gurgaon (0%), the City Index for other cities in North India (Delhi, Noida, and Ghaziabad) declined by 1% to 3%.”
On a pan India basis, National Property Index witnessed a marginal increase of 1% in the Apr-Jun quarter.
almost half (49%) of the consumers in the study are looking for options in the sub-Rs 60 Lakh segment. About 37% are looking for properties below Rs 50 lakh.
The Rs 60 Lakh to Rs 1 Crore range accounts for 33% consumer preference with balance 41% concentrated in Rs 1 Crore and above budget segment.
“Preference for lower budget segments is reinforced by the fact that 47% consumers are looking for 2BHK unit options. With 60% of 2BHK units’ supply in 900 – 1,200 sq ft saleable area range, the relatively smaller size (sq ft) of 2BHK format helps the consumers to keep the acquisition cost low at different price points,” the classifieds provider said.
Hyderabad emerges as the most conservative market with 71% consumers in the city looking for options in the sub-Rs 60 Lakh segment. This is followed by Chennai and Ghaziabad with 60% and 58.5% preference, respectively.
Gurgaon is the only city which displays a contrary trend. The sub-Rs 60 Lakh segment accounts for only 17% consumer preference in the city. Against the national average of 15%, 35% consumer preference is in the Rs 90 Lakh to Rs 1.6 Crore budget segment.
In terms of consumer preference in the premium and luxury segment (Rs 1.6 Crore and above), Gurgaon, Mumbai and Delhi rank 1st, 2nd and 3rd. While 27% consumers looking for residential options in Gurgaon are doing so in this budget range, the same figure for Mumbai and Delhi is 22% and 21%, respectively. The national average for this budget range is 15%.