80% Indians prioritise homeownership; Chennai, MMR, Ahmedabad lead in sentiment
Homeownership is a priority for 80% of Indians, with the strongest purchase sentiment seen in Chennai (86%), Ahmedabad (83%), and the Mumbai Metropolitan Region (85%), according to a study by Knight Frank India. The trend is driven by rising disposable incomes, improved financial stability, and strong cultural preferences for owning property.
Two main markets that somewhat lagged in this regard were Delhi-NCR (74%) and Bengaluru (73%), owing to higher property prices and an influx of young, migrant professionals who favoured rental accommodations over ownership, the study showed.
The study 'Beyond Bricks: The Pulse of Home Buying' shows that as many as 80% of respondents have positive purchase sentiments across the country.
The report, which mapped various trends within the residential real estate space, noted that a significant majority (80%) of Indians still hold strong home ownership ambitions. This intent was noted to be the strongest amongst high earners with annual incomes above ₹5 million (91%) and millennials (82%).
The purchase sentiment was strongest in areas such as Chennai (86%), Ahmedabad (83%), and Mumbai Metropolitan Region (85%), driven by growing disposable wealth, greater financial stability, and cultural sentiments.
Other regions, such as Kolkata (80%) and Hyderabad (81%), also demonstrated high ownership preference owing to a desire for long-term security. Two main markets that somewhat lagged in this regard were Delhi-NCR (74%) and Bengaluru (73%), owing to higher property prices and an influx of young, migrant professionals who favoured rental accommodations over ownership, the study showed.
Demography-wise, the purchase sentiment was pushed most robustly by high earners with annual incomes above ₹5 million (91%) and millennials (82%) due to their higher disposable wealth and better financial security.
Respondents from Gen Z (71%) and lower-income groups earning less than ₹1 million annually (72%) had relatively lower homeownership sentiment due to affordability constraints, lifestyle flexibility, and early career mobility. This indicated a growing market demand for accessible financing solutions and entry-level housing options tailored to the unique needs of different consumer demographics, it said.
As many as 1,629 respondents were interviewed from across the top eight cities across the country.
'Homeownership has emerged as a robust and enduring trend, particularly in the post-pandemic period, resulting in a marked increase in residential demand. This momentum was further supported by proactive measures undertaken by regulatory authorities, including extended reductions in repo rates and buyer-centric incentives such as stamp duty rebates. Collectively, these factors repositioned homeownership as a symbol of financial security and future stability. Additionally, sustained economic growth has reinforced buyer confidence, contributing to continued resilience and activity within the residential real estate sector,' said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Also Read: Rising real estate prices: Netizens say homeownership is now a dream for the top 5%
While buyer motivations were shaped by various factors such as economic trends, level of urbanisation, and affordability dynamics across different cities, the Home Buyer Survey highlighted some common trends driving the purchase sentiment.
A significant portion of the respondents across the country (37%), for instance, were looking to purchase a home to upgrade to a better living space, while nearly a third (32%) wanted to buy a house for the first time for end-use.
Apartments remained the most preferred residential choice across generations and income groups, though higher-income buyers showed a stronger preference for independent houses and villas, indicating a desire for space, privacy, and premium living, it said.
Also Read: Is buying a home in Bengaluru worth it, or is renting the better option?
Factors like location, affordability, and developer reputation continue to hold significance, while lifestyle amenities and financing options were also noted to be increasingly influential in buyer preferences.
Seamless and easy access to common amenities remained high on the list of priorities for prospective Indian homebuyers. More than half (58%) preferred their new homes to be closer to health facilities, while a similar number (53%) indicated a preference for shopping outlets. Public transport access was also a prominent factor in the decision-making process of most buyers, with 40% of respondents indicating it to be something they sought while selecting a home, it showed.
Features such as fitness centres (16%) and community clubs (23%) ranked much lower in the priority of homebuyers, with most expecting them to be a standard feature in modern housing projects. This indicated a growing shift amongst new-age homebuyers toward more informed and strategic decision-making, balancing financial viability, convenience, and long-term value, it noted.
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