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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.
