Nobroker.com, a Bengaluru based 'customer-to-customer' real estate portal has released India's real estate report for 2019. The report finds that a majority of tenants will look to buy their own houses in 2020.
To give more insight into the new trends that have emerged in 2019 in the real estate sector and the outlook for 2020, Startup Street spoke with Saurabh Garg, co-founder and chief brand officer at Nobroker.com.
Garg said, "What is happening is that the prices have not moved up in the last 4-5 years. They have declined in some places also. So, the consumers are seeing that the prices are much more affordable. Secondly, lower home loan rates are also prompting users to see that this is the right time to buy. Almost 64 percent of the tenants want to explore buying a house in 2020 and see if they can get a great deal."
He further added, "Rent inflation is much more in control this year. In cities like Mumbai and Bengaluru it is in the range of 8 percent, Pune is still a little high, it is around 13 percent but Chennai and Delhi-NCR are almost flat. In some areas in NCR, we have also seen that the rent has come down."