The answer to what is better, buying or renting, is a very tough one. People have different views on what makes sense for them based on various factors like their families, their jobs, their financial standing and their personal desires.
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But, since we wanted to understand what most people are likely to do in 2023, buy or rent, we looked at data from the NoBroker Real estate report 2019. The report has insights that have been gathered from over 7 million NoBroker customers and a survey with over 12546 respondents.
Hyderabad
Out of the 6 cities that we collected data from, renters in Hyderabad were the keenest to buy homes. Here, 69% of renters were looking to buy homes this year (2023).
Bangalore
Here, the enthusiasm to buy homes was not far behind as 65% of renters in the city were looking to buy their own homes.
Mumbai
Despite how expensive houses in Mumbai are, a whopping 59% of renters are looking to buy their own homes in Mumbai.
Pune
Renters in Pune too, want to move into or own their own homes. Here about 56% of renters are looking to buy a home in 2023.
Chennai
In Chennai, about 55% of renters are looking to buy a home. This is not too far behind compared to the other cities.
Overall, 64% of Tenants Are Looking to Buy Homes In 2023
This is great news for the real estate industry as it means there is a chance for unsold inventory to finally be taken off the market.
When compared to last year, there is a 10% increase in people looking to move from renting to owning a home. This could be due to the various steps that banks and the government has taken to make owning a house possible such as –
Read: GST On Property in India: Basics of GST on Real Estate
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- Pradhan Mantri Awas Yojana (PMAY) and Credit Linked Subsidy Scheme (CLSS)
- The Maharashtra Housing and Area Development Authority Scheme (MHADA)
- Delhi Development Authority Housing Scheme (DDA)
- Nandamuri Taraka Rama Rao (NTR) Urban Housing Scheme
- Tamil Nadu Housing Board Scheme (TNHB)
- Real Estate Regulatory Authority (RERA)
- Standardised tax rates (GST)
- ‘Housing for All’ scheme (offers subsidised interest rates on home loans)
With so many policies and so many rate cuts, there is no time like the present to buy a home. In fact, 71% of renters see the home loan rate cuts as a positive change and are more likely to buy a house because if this.
If you need assistance with buying a home, then let the experts at NoBroker help. You will be able to find a house for any budget, of any size and in any locality of your choice. NoBroker makes house hunting simple, and convenient and helps you save lakhs on brokerage when you are buying a home. For more click below
