Monday, September 28, 2009

For residence hunters, city(Mumbai) top on the list - Express India

For residence hunters, city top on the list - Express India
Despite the slump, Mumbai is the most preferred residential destination for customers, revealed a recent survey by the property portal

The survey has traced trends in residential space across top cities in the current scenario. The report is based on a survey of over 3,000 respondents from across metros and other cities like Pune, Thane, Coimbatore, Ahmedabad, Vadodara and Nashik.

The survey states that most of the respondents showed a renewed interest in buying property for self-use rather than for the sake of investment. These buyers were specifically interested in budget
properties in the range of 500 sq ft to 1000 sq ft area. Also prospective house buyers stated that they preferred good services like regular water supply, security, connectivity by public transport and parking facilities over lifestyle features like gym, indoor game facilities and swimming pool. A majority of those surveyed believed that the interest rates for home loans will fall further in the coming months bringing homes within their reach.

“Market sentiments are reviving and people are willing to invest. This could be owing to a stable government and the price correction factor. Based on our survey, more than 60% of the customers are looking at buying residential property in the next 6 months,” said Murugavel Janakiraman, CEO of Consim Info which owns the portal.

While the country’s financial capital topped the overall list of preferred residential destinations, down south, Chennai was preferred to Bangalore for property investments. Apart from metros, the survey states that, demand for property investments in Tier 2 cities like Patna, Nashik, Trichy and Madurai is also slowly on the rise.

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