Indians Stick to THIS Investment Option, Choosing it Over SIP or Gold.

New Delhi: In 2023, India witnessed an unprecedented surge in new real estate project launches, marking the highest growth in over a decade. This notable uptick in activity is a direct response to the escalating demand for residential spaces and the swift absorption of properties by eager buyers. NoBroker.com, a prominent online real estate platform, presented these findings in its annual report, shedding light on the optimistic outlook surrounding the real estate sector.

The report not only addresses the booming trend in new project launches but also delves into the ongoing ‘Buy vs Rent’ debate. A significant revelation indicates that more individuals are opting to purchase homes not solely to escape rising rental costs but also as a strategic investment. A striking 74% of respondents from the NoBroker.com survey view real estate as a superior investment option compared to traditional choices like gold, SIP/stocks, or even the more contemporary Bitcoin.

The report identifies a rising concern among renters, particularly those feeling the pinch of a market where rental costs have surged by up to 30%. Faced with these challenges, many renters exhibit confidence in their future and are increasingly inclined to take the plunge into homeownership. The financial dynamics of high rental costs often surpassing home loan EMIs have become pivotal factors motivating tenants to invest in their own homes.

Real estate continues to maintain its status as a major investment option among Indians, with 74% of survey respondents favoring it over other alternatives. Gold, a traditional favorite, attracts only 13% of respondents, while 12% express a preference for SIP and stock market investments. A mere 1% of respondents consider Bitcoin a preferred mode of investment.

Non-resident Indians (NRIs) also feature prominently in the survey, showcasing a notable increase in their interest in India’s real estate sector. More NRIs are looking to purchase homes in metro cities, with Bangalore and Mumbai emerging as the most preferred destinations. Noteworthy is the trend that most NRI buyers are willing to allocate budgets exceeding ₹1 crore for property purchases.

The report also underscores the significance of Vaastu for Indian home buyers. A substantial 79% of respondents consider checking the Vaastu aspects of a house before making a purchase decision, while 39% prioritize Vaastu considerations even when choosing a rental property.

Based on responses from 32,000 participants across key cities such as Bangalore, Mumbai, Pune, Chennai, Hyderabad, Delhi-NCR, and overseas, the survey not only reflects the current dynamics of the real estate market but also provides valuable insights into the evolving preferences and considerations of Indian home buyers in 2023.