Over 70% prospective buyers looking for properties worth up to Rs 50 lakh: Report

More than 70 per cent of prospective buyers are looking for properties costing up to Rs 50 lakh, according to a report by realty portal Magicbricks.

"Government's push for affordable housing is yielding results as more and more home buyers are now preferring to buy properties up to Rs 50 lakh," the online property classified said in a statement.

According to its consumer poll, around 70 per cent of property buyers are looking for properties within Rs 50 lakh budget.

"The most preferred budget segment was Rs 15-20 lakh as 28 per cent respondents voted for it, while 25 per cent preferred the Rs 30-50 lakh budget. The budget segment of Rs 20-30 lakh and Rs 50 lakh-Rs 1 crore was preferred by 23 per cent each of the respondents," the statement said.

The government's credit-linked subsidy scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) has led to increased buyer interest in the affordable and lower-mid segment, Magicbricks said.

Lower GST of one per cent and an additional Rs 1.5 lakh deduction on home loan interest have also led to increased demand for affordable housing.

"Emerging localities in the price bracket of Rs 4,000 per sq ft to Rs 5,000 per sq ft observed the highest consumer interest on Magicbricks," the statement said.

The property classified is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of The Times of India Group.