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About 34% homeseekers looking to buy properties priced between Rs 90 lakh and Rs 2.5 crore: Consumer Survey

While attractive pricing continues to rule the roost of must-haves, established developer credibility is the second-highest priority for 77% of the surveyed buyers

Housing & Urban Development Corporation | Life Insurance Corporation of India increased stake in the company to 5.22 percent from 1.53 percent via offer for sale, on July 27.

Housing & Urban Development Corporation | Life Insurance Corporation of India increased stake in the company to 5.22 percent from 1.53 percent via offer for sale, on July 27.

COVID-19 has altered homebuyers' preferences, with the second wave being a significant change catalyst. Over 34% respondent home seekers in a survey said they focused on properties priced between Rs 90 lakh to Rs 2.5 crore. While 35% favoured properties priced between Rs 45-90 lakh, just 27% respondents voted in favour of affordable housing (priced less than Rs 45 lakh), per a report titled CII-Anarock Consumer Sentiment Survey released on September 3.

In the previous H2 2020 survey, approximately 36% respondent property seekers eyed budget housing.

The survey, conducted between January and June 2021, polled 4,965 participants responding via various digital platforms.

While attractive pricing continues to rule the roost of must-haves, established developer credibility is the second-highest priority for 77% of the surveyed buyers. Project design and location also feature prominently on the wish list.

“The budget range which this survey identifies as the hottest seller is a surprise, but it makes sense if we consider that it is precisely this segment of buyers who are least financially impacted by the COVID-19 pandemic. Online home sales are gaining traction, with close to 60% of the entire property buying process now being conducted online - against 39% in the pre-pandemic period,” said Anuj Puri, chairman, CII Real Estate Knowledge Session and chairman, Anarock Group said.

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"From property search to documentation and legal advice to down payments, homebuyers are leveraging the new tidal wave of digital technology driving the Indian housing sector," says Puri.

"Only developers with sufficient online presence will remain relevant going forward. Also, social media are among the most effective property marketing platforms at this stage.”

Approximately 41% participating property seekers are considering second homes for self-use, of which 53% prefer mountainous regions. Amid the sustained work-from-home and e-schooling realities, over 65% respondents currently working remotely now prefer larger homes, and approx. 68% aim to relocate to peripheral or suburban areas to buy them.

NRI participants in the survey primarily prefer luxury properties priced between Rs 1.5-2.5 crore. Among the metros, Bengaluru, Pune, and Chennai are the hottest NRI picks, while Chandigarh, Kochi, and Surat top their Tier 2 and 3 cities list.
Moneycontrol News
first published: Sep 3, 2021 05:24 pm

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