Mumbai Metropolitan Region (MMR), Bengaluru, and Pune are currently the top three markets for buying homes for end-use and investment, according to a study by ANAROCK Property Consultants.
With property prices having bottomed out in the most expensive real estate region of the country, both investors and end-users are back on the market. The IT/ITeS sectors' post-COVID boom has worked well for the IT-centric realty markets Bengaluru and Pune, the study stated. Notably, Bengaluru and Pune have, respectively, also been declared the top two most liveable cities in the recent Ease of Living Index published by the Ministry of Housing and Urban Affairs (MoHUA).
ANAROCK data indicated that these three cities remained the most active markets in 2020 – together accounting for a 67 per cent share of the total housing sales, approximately 1.38 lakh units, recorded in the top 7 cities. These also constitute 60 per cent of all new launches, approximately 1.28 lakh units.
Prashant Thakur, Director & Head - Research, ANAROCK Property Consultants said, “Given the ongoing uncertainties in the stock market and financial sector, housing is currently being viewed as one of the safest long-term investment bets."
He added, "While the stock market prices are at their peak, property prices have bottomed out and various offers and discounts result in further reductions in acquisition costs. Affordability of homes in top cities is also at its best – estimated to be 27 per cent in FY21 as against 53 per cent in FY12.”