For Property Byers: Prefer Paying EMI's Than Rentals

The National Capital Region or NCR, is India’s largest urban agglomeration and the 2nd largest in the world, had been one of the fastest growing realty hot spots in the country since a decade. It supports an ever increasing population and is responsible for development of many regions in the nearby states of Haryana, Rajasthan and Uttar Pradesh. Two essential factors that determine the lucrative prospects for any property in Real Estate sector are Infrastructure and connectivity and NCR has been a tough market to interpret with a number of different regions projecting various trends from time to time. A recent in depth survey conducted by IndiaProperty.com throws light on the many aspects of the real estate market in the National Capital Region. According to the survey almost 82% of respondents purchased property in the region for end use. The other 18% have purchased as an investment option. In year 2015, increase in number of new home buyers in NCR was noticed. One of the major drivers of the recent shift from paying rentals to paying EMIs is Affordable homes in many parts of NCR. Same trend will continue with the new government and its policy of promoting the growth of affordable housing sector in the country. However the number of first time home buyers may go a bit down in 2016 and the purchase solely inclined towards investment will rise, indicates the survey. Another interesting observation was that almost 55% of the respondents have purchased their second home in NCR. This is an indicator of the fast paced development of the region. It also indicates that home buyers have been extremely receptive to property purchase, although 2015 saw a slow patch for the real estate industry. This number is expected to go up by 5% in 2016. Almost all the major metro cities like Mumbai, Hyderabad and Bengaluru have witnessed a similar trajectory. Though apartments were a top choice for Delhi NCR people to invest in, 2015 brought an increase in demand for individual homes by 8%. Mostly, the Residents of Delhi NCR invest in property based on the infrastructure development in the region followed by the future prospects. Both 2014 and 2015, seen a lot of infrastructure development in top markets like Noida, Gurgaon, Ghaziabad and Greater Noida. The track record of the builders and their reputation is of vital importance to home buyers when it comes to property purchase. NCR is the worst hit when it comes to delays in projects and this has resonated in the choice of home buyers, indicates the survey. Similarly property frauds are one of the biggest concerns amongst home buyers in Delhi NCR. Buying decision has been strayed in all the metros of the country and Delhi is no exception. More than 40% of home buyers in Delhi NCR have taken more than 1 year to come to a decision considering many of their concerns. One of the reforms that encouraged the home buying decision in the region is the tax exemption on home loans. Mid segment and affordable housing has greatly benefited by this reform. As we start the year 2016, the buyers have only shown confidence in the policy and reforms charted out by the NDA government and this is said to benefit the real estate market across the National Capital Region.