The nation records the highest home buying sentiment in four years

ZyFin research is a global consultancy firm which conducts various surveys and also is into survey of Home Purchase Sentiment Index. One of the surveys conducted in India suggests that Home Purchase Sentiment Index is the strongest in the last four years in India. In investigating the reasons for such high sentiments of the buyers the analysts say that the market demands and the factors that the market was waiting for has all being supplied. There were few triggers required for the local real estate market like slash in the interest rates, market stability and few measures from the government which were all met. That is the reason the home buyer’s sentiments has risen to the highest peak in the last four years.

The analysts and the trend watchers opine that home buying has become comparatively easier that it was few years back or even a year back apart from the conditions of the market which also became conducive too. This has happened not only due to the extrinsic market factors but the online reviews of properties, internet usage has reduced fraud and scams to a certain extent. Information about real estate is much easily available today than yester years and people are more and more on to the internet too. This easy availability and regulations also has created an infrastructure of easy property transaction. The research of XyFin has been revealed that the consumers want or expect the cost of borrowing to go down even further which researchers opine would further boost the demand.

The experts feel that the recent steps by the RBI to slash down the home loan rates and boost the demand of the housing sector has helped a long way in rejuvenating the real estate sector which was in a lull for the last four or five years. Apart from this to keep tandem with the housing sentiments and the increased demands the realtors have started slashing prices as well in different cities also. In cities like Mumbai, Gurgaon, Bengaluru, NCR there has been noted decrease of prices by different developers and this varies in different micro-markets. The news has spread and there has been an alert raised among home buyers to avail the discounted prices. This has helped to spurt the demand and these are probably the factors that has surged the Housing Purchase sentiments on the higher quadrant.

The chief economist of the survey firm opined that there were few demands of the real estate consumers like protection of consumer interests, promotion of fair play in transactions and timely delivery of projects and their execution. These were attempted to be regulated by the government which can also be the reason for the higher buyer’s sentiments.

According to the survey firm the Home Buyer’s Sentiments were the highest in the Southern part of India at 48.9 percent and in contrast the western part of India had the lowest of the ranks in the index with 40.5 percent. Among the urban centres of the nation, Hyderabad had the highest of the index level at 74.3 percent while Ahmedabad in Gujrat ranked the lowest with the index level at 11.3 percent. Even then one can understand with the variance being very high and the upper limits being too high of the index, there is a great improvement in the buyer’s sentiments which is a record in the last four years.