The city is the most preferred for buying a house in 2014 thanks to connectivity, infrastructure and basic facilities, according to the findings of a survey by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
A majority of the respondents, about 49 per cent, of the urban working class remain keen to park their surpluses in buying residential properties than commercial properties as the latter are beyond their means and involve higher volumes of investments, said a statement by ASSOCHAM Secretary General D.S. Rawat.
Bangalore is followed by cities like Mumbai, Delhi, Kolkata, entire National Capital Region (NCR) and Hyderabad. After Bangalore, “Mumbai occupies a special place in hearts of many Indians, who are attracted towards the city due to its diverse work force, employment opportunity, cosmopolitan culture and glamour”.
Mumbai (11 per cent) is followed by Delhi (10 per cent) with buyers willing to buy a property here. Delhi has also witnessed a healthy growth in the infrastructural development with a new international airport and spread of metro services to the NCR region, adds the survey.
Kolkata (9 per cent), NCR (8 per cent) and Hyderabad (6 per cent) are the other key real estate investment destinations of 2014.
Beyond the top five cities, homebuyers have also shown a preference for Dehradun (4 per cent) and Ahmedabad (3 per cent), added Mr. Rawat.
“A whopping 65 per cent of the national home buyers want to buy a house for self consumption”, the survey added.