A good 60 percent of homebuyers face challenges while acquiring property and up to 40 percent encounter issues even after getting possession of their homes, according to a new survey.
The survey says that only 18 percent of homebuyers are happy with their home purchase process. Nearly seven out of 10, or 68 percent of buyers, admit to some level of stress while buying property.
These are the findings of a pan-India survey by Track2Realty, a real estate portal that conducted a poll across Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata, Delhi and its suburbs of Gurugram, Noida and Ghaziabad to assess the level of stress homebuyers undergo while purchasing a house. Some 1,000 homebuyers took part in the survey.
The study featured questions such as if the buyer was satisfied with the home buying process; whether she/he underwent mental stress while looking for a house and booking a unit; if she/he faced pre-possession issues and post-possession challenges.
The survey also found that 65 percent first-time homebuyers undergo higher mental stress compared with 35 percent second-time homebuyers. It found that Noida homebuyers (92 percent) were the most stressed. Hyderabad homebuyers (48 percent) reported the least mental health issues.
In terms of design, 72 percent of homebuyers surveyed maintained that their apartments lacked breathing space and functionality. Almost the same number, 68 percent, were of the opinion that there was inadequate ventilation and natural light.
Up to 44 percent of respondents said they were misled into buying a house and 52 percent admitted that they were ignorant about the home buying process.
As many as six out of 10, almost 58 percent, admitted that sales channels propagated the idea of FOMO (fear of missing out) and compelled them to book a house, while 88 percent said that the builder-buyer agreement augmented their stress levels.
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