Mumbai
A FICCI-Anarock survey on Friday, reveals that nearly 90% of participants would be significantly impacted if mortgage rates surpass 9%. Conducted with 7,615 respondents, the survey indicates that over 71% would remain unaffected if rates stay below 8.5%. However, when rates rise between 8.5% and 9%, approximately 54% anticipate a moderate influence on their homebuying decisions.
The survey highlights a strong preference for real estate investment, with over 59% of participants favoring it as their top choice. Additionally, 67% of buyers are seeking homes for personal use. The favored budget range for prospective buyers remains between Rs 45-90 lakh, while 28% prefer properties priced between Rs 90 lakh and Rs 1.5 crore.
Key buyer demands include timely project completion (98%), improved construction quality (93%), and well-ventilated homes (72%).
In related insights, SEBI’s Pramod Rao emphasized the importance of regulatory frameworks in fostering sustainable growth in the real estate sector. FICCI’s Sandip Somany noted a noticeable shift in preferences toward under-construction properties.
The residential market is projected to reach USD 1.04 trillion by 2029, with a compound annual growth rate (CAGR) of 25.6%, driven by increasing demand for luxury properties and investments in commercial real estate.
