Source: Hindustan Times ( https://bit.ly/40IDIJc )

As many as 80% of people who aspire to own property prefer to take a home loan for it. As many as 52% home buyers prefer apartments, followed by studio apartments at 19%, and independent houses or villas at 17%. Notably, gated communities and plots of land are less popular, chosen by only 7% and 5% of respondents, respectively.

Location stands out as a priority and is the determining factor for 50% of respondents, affirming its timeless importance in real estate. However, the near-equal emphasis is also provided on the property size and layout (45%), price and affordability (45%), which suggests that homebuyers are equally focused on securing value for their money while looking for spaces that meet their lifestyle needs.

Builder’s reputation (35%) and proximity to the workplace (33%) play an important role, reflecting a strong demand for reliability and convenience, key factors that enhance buyer confidence in their long-term investment.

Moreover, with amenities (32%) becoming more significant, buyers are not just purchasing homes, but are opting for enhanced living experiences, seeking integrated facilities like gyms, parks, or co-working spaces, it said.

On the financial front, financing options (29%) and future resale value (22%) highlights that affordability and long-term investment potential remain crucial factors in the decision process, particularly as more buyers gravitate towards high-end homes, the report showed.

Baby boomers favour investments but millennials prefer to upgrade their property. The reasons for purchasing a home show distinct generational difference.

Overall, 37% of respondents are upgrading to a better home reflecting a growing shift towards mid-range and luxury housing which was traditionally concentrated in select cities but is now expanding to Tier 1 cities in India. The remaining 32% are first-time homebuyers for end-use, 25% are investing, and 7% cite other reasons, such as retirement or acquiring a second home or vacation home.