28 August 2009
The city of Mubai is now the most popular place to buy property in India, while property in Chennai has replaced property in Bangalore as the most favoured place to buy real estate in the south, according to a new survey published on the India Real Estate Monitor.
The survey says that “trend in residential space across top cities in the current scenario” ranked Mumbai as the top destination to invest in property while in the south of India, Chennai is in the first place for property investments, overtaking Bangalore.
Cities like Patna, Nasik, Tiruchirapalli and Madurai have also become popular destinations to buy property in the country, the survey said.
Additional research from the survey shows that 60% of respondents – around 3,000 people took part in the questionnaire - believe that interest rates for mortgage loans had further to fall over the next few months.
Consim Info Founder and CEO Murugavel Janakiraman said: “Market sentiments are reviving and people are ready to invest. Based on our survey, more than 60% of customers are looking at buying residential properties in the next six months. They also have a hope that interest rates on home loans will soon come down.”
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