Tuesday, April 23, 2024

Consumer Housing Sentiment Index Robust; Strong Buyer Confidence And Rising Incomes Boost The Sector: Magicbricks Report

- Housing Sentiment Index (HSI) of India stands at 149, Ahmedabad leads at 163

- Within different age groups, mid-age (24-35 years) professionals show the highest HIS (154).

Despite inflationary pressures, the Housing Sentiment Index (HSI) across India remains robust with strong buyer confidence, observed Magicbricks, India’s leading real estate platform.

Based on preferences of over 4500 customers across 11 cities, Magicbricks launched its flagship Housing Sentiment Index (HSI) revealing a positive market outlook for the Indian residential real estate sector with an overall HSI of 149[1]. Ahmedabad emerged as the frontrunner with the  highest HSI of 163, closely followed by Kolkata (160), Gurugram (157), and Hyderabad (156), propelled by enhanced infrastructure and upcoming new real estate projects.

According to Sudhir Pai, CEO, Magicbricks, "The current scenario of India's real estate sector reflects the most promising conditions witnessed in the past decade, instilling confidence among homebuyers and investors nationwide. It's also noteworthy that the demand is consistently surpassing available supply, showing encouraging signs of swift absorption when new inventory enters the market.”

The report also identified that mid-age professionals (24-35 age group) demonstrated the highest HSI (154). Furthermore, consumers with annual income of Rs 10-20 lakh displayed strongest aspirations for home buying, with HSI of 156.

Elaborating on the same, Abhishek Bhadra, Head of Research, Magicbricks chimed “Our research indicates that homebuyers are demonstrating a notable willingness to invest up to four times their annual incomes, serving as a significant gauge of prevailing sentiment and overall optimism within the market. This outlook is supported by various factors, such as increasing incomes, consistent economic stability, and targeted government initiatives aimed at reinforcing the resilience of the real estate sector.”

The report also revealed that a majority of homebuyers intend to make a purchase within 3 years, reflecting a promising outlook for both the present and future of the real estate market.

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