Percentage of home seekers in Navi Mumbai has been increased for 25-35 age bracket nowadays.
At least 37 percent of participants in India serious about buying homes fall in the age bracket of 35-45 years, followed by 25 percent in the 45-55 years bracket.
More young people are starting to buy property in the country. According to a report by ANAROCK Property Consultants, gone are days when those in the age group of 45-55 years dominated the property market, now younger home buyers (those in the 35-45 years and even those in the 25-35 years age groups) are jumping into the fray.
Over the past decade, there has been a tectonic shift in not just the overall buying pattern but also in the age of property buyers. In late 2010, buyers were largely in the age group of 35-45 years and 45-55 years, but the share of homebuyers in the 25-35 years age group was minimal. However, improved tax benefits motivated more working youths in this age bracket to opt for home loans. Easy EMI structure motivated youth to buy homes rather than to go for deadly money-wasting renting system.
Percentage of home seekers in Mumbai has been increased for 25-35 age bracket. At least 37 percent of participants serious about buying homes fall in the age bracket of 35-45 years, followed by 25 percent in the 45-55 years bracket. 20 percent are in the age bracket 25-35 years and at least 7 percent are under 25 years of age. The home buyer share of these two age brackets was extremely limited in the early 2000s. Towards 2009-2010, easy home loan availability boosted the share of home buyers falling in the 25-35 years age bracket.
Find below the table for tax benefits for home loan(2019-2020):
| Section | Nature of tax deduction | Maximum tax-deductible amount |
| Section 24 | Interest | Rs. 2 Lakh(for self-occupied house) No limit(for let-out property) |
| Section 80C | Principal(Including Stamp duty & registration fee) | Rs. 1.5 Lakh |
| Section 80EE | Additional Interest(For first-time buyers) | Rs. 50000 |
In the 2000s, the winds of change blew and the age bracket of property buyers began to drop, coming down to 35-45 years. Home loans were readily available, and homebuyers warmed up significantly to the notion of using borrowed funds rather than depleting all their savings. The fact that home loans also carried attractive tax benefits certainly helped, too. In this period, banks and other lending institutions began to re-strategize their approach, and youth became the target audience. The availability of finance became the key driver for this change.
The ranks of the vital age demographic swelled steadily till about 2015-16. However, since then, many millennial are rethinking the notion of buying homes at this relatively early age. The tendency now is to avoid large investments and instead invest in other asset classes.
City-level trends
In the Mumbai Metropolitan Region (MMR), 37 percent home seekers are in the age group of 35-45 years, followed by 28 percent in the 45-55 age group. The fact that homes are costly here and call for huge down payments even if one avail of home loans causes a significantly high percentage of home seekers to fall in the latter age bracket. Nearly 16 percent are in the 25-35 age bracket, while another 12 percent (predominantly start-up honchos) fall in the below-25 age group.
In Navi Mumbai, home prices are low and many developments are going on here. Apart from this, there are many residential projects are going on. And the best part is all these projects are started executing already. If you are investing here then you will definitely get the best returns in future. Also, using easy EMI, one can buy a home with very less funds.
Source- The Economic Times
