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Home in Mumbai is everyone’s dream

india Updated: Feb 19, 2009 01:33 IST
Gigil Varghese
Gigil Varghese
Hindustan Times
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Put it down to star power, Bollywood or just the sheer sheen of India’s biggest metropolis, but a survey of young Indians has found that as many as 30 per cent want to own homes in Mumbai.

Conducted across six cities by makaan.com, a leading real-estate portal, the survey found that nearly a third of the 4,613 property seekers polled wanted to invest in and own realty in your megalopolis.

The average age of these homeseekers, meanwhile, has dropped from the mid- to late 30s just a few years ago to an average of just 28.

Following close on Mumbai’s heels as the dream destination was Delhi, which garnered 21 per cent of the votes, followed by Bangalore and Chennai.

“There is an aspirational value attached to owning a flat in Mumbai,” said Aditya Verma, business head of makaan.com. “Besides, Mumbai has recently seen the maximum degree of price correction in the country.”

Property rates in Mumbai have fallen 35 per cent in the last six months.

“Rates are always driven by economic activity and, since Mumbai’s economy is so robust, realty is always a good investment here. Also, it is easier to lease or rent out a flat in Mumbai than in, say, Calcutta,” said Anuj Puri of global realty consultants JLL Meghraj.

Buyers in Mumbai, though, are not taking the bait. Sixty-seven per cent of respondents from the city said they would not put down a deposit on a house for at least six months.

Here’s why: Seventy per cent of respondents said they believed that prices would fall further by 20 to 30 per cent.

Across the six cities, 60 per cent of respondents said they would be more willing to pay a fairer price than base their timing and purchase on freebies doled out by builders.