The Hindu Business Line : Average age of house buyers down by 20 yrs: Assocham

New Delhi, Nov. 4 The average age of people who buy a house for self use has come down by nearly 20 years compared to about 20 years ago, according to industry chamber Assocham.

In the feedback received by the chamber from real estate developers, from the year 2000, the age group for property registration for personal use in a majority of cases has been 30-38 years from 50-58 years earlier.

The factors responsible for it include high rentals, unsustainable lease agreements between property owners and tenants, rising income levels and easy availability of finances, according to the chamber.

The average age of getting renovations done to the house has also come down 15 years. While, 20 years ago, renovation of dwelling units were mostly undertaken at the age of 60, it is now done on an average age of 45 to 48 years.

From the investment point of view, real estate still remains the lead sector but only the privileged sections of society participate in it, for which there is no age preference and it all depends on the resources that one has in one’s possession.

Further, the chamber estimates that with accelerated development in segments such as retail and IT/ITeS office space, coupled with an ever increasing demand for quality residential property, the sector has healthy prospects.

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