CHENNAI, May 9, 2017 /PRNewswire/ --
Over a 90-day period, Sulekha Properties conducted a research to understand what exactly people look for while buying a property in Chennai or other cities. This study was conducted across India, capturing a fair mix of residents of both Metros and non-metro cities. The average age of the research participants was 38.6 years with an average family size of 3.8 members. 82% of all the participants were salaried while 15% were self-employed.
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Most younger people are interested in Apartments (66%) over Independent Houses (23%). Middle-aged people also prefer Apartments (49%) but at the same time, they also like Independent Houses (41%). People do not want huge properties and this is proved by the fact that 84% people like houses which are less than 1500 sq. ft. The average house size preferred by all participants is 1100 sq. ft at an average price of Rs. 45 lac. Interestingly, a chunk (56%) of those who prefer small properties (less than 600 sq. ft.) have a family size of 4 or more.
Getting a loan for purchasing property is the most crucial factor for those with a budget of less than 40 lacs while, people willing to spend more than that but less than 80 lacs, are concerned more with the locality of the property. Among apartment seekers, locality is the key factor while construction quality is the key factor for people seeking independent house. Availability of loan is the second-most important criterion for both these groups. The study also brought to light the fact that as people get older, influence of external financial aspects reduce. Surprisingly, design and convenience are not very critical in closing property deals.
Younger people (up to 35 years of age) are more dependent on bank loans than the older ones (above 55 years). However, resale value of the property or the potential of it is essential for all age groups.
In matters of convenience, proximity to public transport nodes takes the top spot with 71% people considering it as important. This is followed by access to main road (65%), distance from health centre/hospital (60%) and distance from market/shopping center (56%). Distance from public transport is most important for people with low budgets (upto 40 lac) while people with higher budgets (above 80 lac) are more concerned about distance from recreational activity centers. In terms of design of the house, the size is the most important parameter (77%) closely followed by floor plan (76%). Number of bedrooms (72%) and number of bathrooms (69%) are also important factors.
People expect flexibility to make structural changes or additions to the house. This could perhaps be a reason for buyers ignoring the interiors as a part of their purchase.
Regarding this study, M. S. Krishnan, Vice President and Business head of the property vertical commented, "Sulekha has been in the properties business for around 10 years now and enjoys saliency in South and West. We keep conducting these researches at it helps us understand the trends in the properties business. We use this data to build better products for our users and keep our customers informed about how the market is moving."
About Sulekha Properties
Sulekha Properties is a major player with dominant presence in Chennai, Bangalore, Hyderabad, Pune and Mumbai. Sulekha properties is working on increasing their presence and brand salience in the Tier-2 cities of south like Coimbatore, Visakhapatnam amongst others.
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