Home buyers in Delhi-NCR prefer to purchase property in proximity to their workplace, a trend which is fast emerging among the millennial homebuyers in the capital.
Home buyers in Delhi-NCR prefer to purchase property in proximity to their workplace, a trend which is fast emerging among the millennial homebuyers in the capital, says an OLX- Kantar TNS study.
In fact, with growing population in metro cities, commuting within the city has become a time-consuming task for citizens. This has led to the emergence of ‘Walk to Work’ culture in metros, wherein people are looking for homes in proximity to their workplaces to save time and money in their daily commute.
The study by OLX and Kantar TNS highlights that 50% of all the interested homebuyers in Delhi NCR want to buy a home, which is in proximity to their workplace. They were closely followed by 48% of the respondents, who said that they want to buy a home for investment and security, and 45% looked at better amenities (gym, swimming pool among others). Other factors such as gated society for better security, more space, proximity to school for kids and shopping places are desired by Delhiites when planning to buy a home.
OLX and Kantar TNS interviewed people in Delhi-NCR looking to buy a home in the next six months, and sought to understand the user behaviour in an evolving real-estate market of Delhi-NCR.
Talking about their study, Irwin Preet Singh Anand, COO, OLX India, says, “The report helps us in recognizing emerging consumer trends in the real estate market. Delhi NCR is one of the fastest-growing markets on our real estate section, with one third of the buyers seeking ready to move inventory, particularly in the NCR pockets closer to commercial hubs in Noida and Gurugram. In the last six months, buyer interest has significantly jumped for mid-range 2 & 3 BHK properties among the working class, a ripple effect of the cut in home loan interest rate announced this year.”
Further, “government reforms like GST and RERA will reduce the tax burden on consumers and increase consumer confidence, encouraging them to invest in the sector. A combination of these initiatives is likely to increase transactions in the real estate industry in 2018. As we step into the New Year, our aspiration is to double our growth in the category,” he said.
Another key finding of the study revealed that online platforms are one of the most used sources of information for property search by people in Delhi-NCR. Buying a home requires immense amount of research. Almost four out of five respondents said that they are using online property portals for information and leads, and half the respondents said that online property platforms were their primary source for information and leads.