If we ask you as to what is your budget for buying your dream home, what will be the range? Well, it may be in lakhs or the most affluent may reserve to crores. Considering the entire population of prospective home buyers, it is understood that more number of home buyers are eyeing on a budget of up to Rs 50 lakh.
This is in fact affirmed by recent reports by trusted online property portals which stresses on the fact that there are several government schemes that encourage new buyers to make their investments of up to the range Rs 50 lakh.
There was a poll recently conducted to understand the buyer mindset. This resulted in close to 75% population preferring to buy their property in Rs 50 lakh budget range.
On the flipside, there are people who save money in dribs and drabs to get their dream home under economy range. With that being said, the preferred budget for this population is Rs 15 lakh to Rs 20 lakh to which there were over 25% voting given.
As far as the luxury segment is concerned, over 23 percent of the total population prefers properties of worth Rs 50 lakh to Rs 1 crore.
The Modi-led government here has the PMAY which stands for Pradhan Mantri Awas Yojana. This is a credit linked subsidy scheme that the government offers by itself. This has largely increased interest towards buying new homes especially for the lower and middle income group, the survey report adds.
This observed increase in interest towards buying new home is also to be attributed to lower GST and deduction of Rs 1.5 lakh from housing loan.
Properties that are priced Rs 4000 to Rs 5000 per sq.ft. are said to be the ones with maximum attraction range which are especially in the emerging geographies of Chennai city.
Now that you have understood the prevailing market trends and buyers’ pulse, as a first-time home buyer, think and self-assess your preferred budget range and area of interest. Well, if you need to buy your dream home and left with no idea until now, go through the property listings we have on Chennai properties and OMR Flats where there is elaborate listing plus property description that altogether guide you through the process.