What home buyers want in Bangalore: CommonFloor.com Survey
A recent study carried out by Commonfloor.com reveals the preference of home buyers and various aspects related to the purchase of properties in the city. The survey shows the buying behaviour of potential home buyers in Bangalore city.
Buying purpose
Majority of potential home buyers buy homes for self use in Bangalore. The survey showed an overwhelmingly 72% of people opted for self use, while 12% opted for investment purpose. Another 10% of them are undecided about the purpose of the purchase of a house.
According to the survey, majority of home buyers in Bangalore are first time home buyers. Bangalore has a large young population – 35% of Bangalore population consists of young professionals. The city boasts of being the ‘Silicon Valley’ of India – which creates a lot of employment opportunities for the young techies who has started their family and are looking to settle down.
Share of people opting for investment purposes in Bangalore is lower in comparison to the rest of India. While in Bangalore, 12% of respondents opt for investment purpose, the share stood at 24% in the rest of the country in a recently conducted survey.
Type of home
Apartments are preferred by most number of respondents. Out of 493 respondents, 203 respondents opted for apartments as their preferred mode of dwelling, i.e. 41% of the respondents want to buy apartments. Next preferred choice is plots with 22% of people opting for land plots. 9% opt for apartments and plots and 7% opt for apartments and villas. 7% of people opt for other avenues like farm, individual house, duplex, builder floor apartments, etc.
The survey results show that on the backdrop of rising land prices and cost of production, apartments are the most preferred type of homes. The survey results are in sync with the national sentiment among home buyers, as a staggering 63% of home buyers are looking to buy apartment on the pan India level as well.
The fact that most of the respondents opt for apartments, suggest that Bangalore home buyers emphasize upon common amenities. Buyers want a standard lifestyle and the apartments offer amenities they want – swimming pool, gymnasium, garden, playing area for kids, etc. at an affordable cost. These amenities are costlier and harder when you have to arrange for them in an individual house. Hence, the young population opt for apartments rather than builder floors or villas.
Purchase budget
Mid range properties seem to have most number of customers in Bangalore. While 31% of respondents have the budget for properties worth Rs 20 lakhs to 40 lakhs, 32% prefer properties between Rs 40 lakh to 60 lakhs. 19% eye properties between 60 lakh to 1 crore, while 11% are willing to spend up to Rs 20 lakh.
More than 60% of the respondents belong to the bracket of properties up to Rs 60 lakh, which reflects the buyer preference and the fact that Bangalore real estate holds immense potential for the mid range sectror. The price bracket also suggests that buyers are preferring mostly 2-3 bedroom apartments for themselves.
93 respondents opt for the bracket of 60 lakhs to 1 crore, which shows that a sizeable population want to buy villas in Bangalore as well as new product categories like villaments.
The budget preference of Bangalore home buyers reflects the general pattern prevailing across India. On a pan India level, too, 48% of people prefer mid range houses worth Rs 20 lakh – 40 lakh. Supply of affordable homes remain an issue to combat in the country and in case of Bangalore also, it holds true.
Preferred duration of transaction
Buyers were asked about the time period they would like for the transaction to take place. Most of the buyers prefer shorter duration for the buying process to get over. While 36% respondents prefer two months time period, 38% prefer six months of time duration for the transaction to take place. The survey shows that home buyers are looking to take possession of the houses as quickly as possible.
9% respondents are inclined towards either ready to move in houses or has no qualms about a longer period of transaction.
Preferred region
Finally the respondents were being asked about their preferred choice of location in Bangalore city. The survey results show that demand is high for North Bangalore residential properties. It gains the highest attention from buyers as highest number of respondents, i.e. 94 out of 493 respondents prefer to buy a home in northern parts of the city. 26% of total respondents prefer North Bangalore as opposed to 23% preferring East Bangalore and 18% preferring South Bangalore.
5% respondents prefer Central Bangalore while 5% prefer North and East Bangalore. Rest of share of preferred regions are – 3% prefer North and West Bangalore, 3% prefer North and South Bangalore, 4% prefer South and North Bangalore and 13% do not have a specific preferred region.
North Bangalore’s preference over other regions of the city shows that localities like Hebbal and Yeshwantpur are gaining importance as residential locations in the city and high share of future residential development is pegged to occur in these areas. Enhanced connectivity and improved infrastructure along with proximity to IT parks have projected areas like Whitefield in East Bangalore as preferred residential location.
The realtors can take a leaf out of this survey conducted by commonfloor.com as it reflects the behaviour and spending pattern of home buyers in Bangalore.
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