Homebuyer Confidence Remains Strong Despite Inflation: Magicbricks Report

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    In the face of inflationary pressures, the sentiment toward housing in India remains resilient, according to findings from a report by Magicbricks, a leading real estate platform.

    Drawing insights from the preferences of over 4,500 customers across 11 cities, Magicbricks unveiled its flagship Housing Sentiment Index (HSI), revealing an overall HSI of 149 for the Indian residential real estate sector.

    Leading the pack is Ahmedabad, boasting the highest HSI of 163, closely trailed by Kolkata (160), Gurugram (157), and Hyderabad (156). This surge is attributed to the advancement of infrastructure and the influx of new real estate ventures, as indicated by the real estate platform.

    Sudhir Pai, CEO of Magicbricks, expressed optimism, stating, “The current state of India’s real estate sector presents the most promising conditions seen in the past decade, instilling confidence among homebuyers and investors nationwide.”

    Further analysis uncovered that individuals aged 24-35, categorized as mid-age professionals, exhibited the highest HSI of 154. Additionally, consumers with annual incomes ranging from ₹10-20 lakh displayed the strongest inclination toward home buying, boasting an HSI of 156.

    Abhishek Bhadra, Head of Research at Magicbricks, shed light on the findings, stating, “Our research indicates a notable willingness among homebuyers to invest up to four times their annual incomes. This positive outlook is underpinned by rising incomes, sustained economic stability, and targeted government initiatives aimed at bolstering the resilience of the real estate sector.”

    The report also unveiled that a majority of homebuyers have intentions to make a purchase within the next three years. Furthermore, it highlighted that 54% of Indian buyers and over 75% of female professionals prefer to diversify their investments into the stock market alongside real estate.

    Also: MMR Home Sales Surge in Q1CY24; Thane and Dombivali Lead the Pack

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