New Delhi, March 4 Although the real estate sector has been going through a subdued phase over the past few years, a survey by Anarock and LIC Housing Finance showed that real estate is the most preferred asset class for investments in the country.
The 'Anarock's Consumer Sentiment Survey - H2 2019' showed that around 59 per cent participants in its survey preferred real estate over other asset classes like stock market, fixed deposits and gold.
"Despite all headwinds within residential sector, real estate continues to be the first choice for investments for majority respondents. A whopping 59 per cent of the participants preferred real estate over other asset classes like stock market, FDs and gold. A year ago, in the survey conducted during the same period, 53 per cent participants preferred real estate," it said.
"This gradual increase indicates the prevalent mood among prospective buyers who continue to repose their faith in real estate as the best investment option."
It noted that given the volatile nature of most other asset classes, real estate is indeed a safe bet for most, provided they remain invested for a long-term. Also, property prices are at their lowest best across most cities and with government announcing a slew of measures favouring the sector, both investors and buyers are hoping for steady growth in the future, the Anarock report added.
The survey also found that mid-range homes, priced between Rs 45 lakh and Rs 90 lakh are in more demand that affordable housing.
Anuj Puri, Chairman of Anarock Property Consultants said: "Millennials' preferences are changing the entire property business landscape in this new decade. Once an investment hotbed, Indian housing is now primarily end-user driven."
"The survey indicates that affordable and mid-segment housing priced within Rs 90 lakh are the clear choices today," he said, adding, "mid-segment properties priced from Rs 45-90 lakh topped consumer demand with 42 per cent respondents voting in its favour, followed by 31 per cent preferring homes priced lesser than Rs 45 lakh."
He added that the survey reveals that 67 per cent of the polled homebuyers will buy property for personal use, and consumer sentiment is still firmly on the side of ready-to-move-in homes.
( With inputs from IANS )