As many as 90 percent property buyers are of the view that prices of real estate will correct after the coronavirus pandemic is over, said a survey by a real estate online broking platform.
According to the survey by 99acres.com, 40 percent of the prospective homebuyers, who were searching flats for purchase before the lockdown, have postponed their plan while 60 percent are still keen to buy within the next 12 months.
Major reasons for delaying their plan to buy were uncertainty in the market (56 percent) and financial factors (30 percent), the realty portal said.
In the survey, 31 percent respondents felt that real estate is still the preferred option to invest followed by fixed deposits (24 percent), gold (24 percent), and stock market (21 percent).
However, a few cities did not mirror the national trends, like Ahmedabad where (31 percent) of respondents preferred stock markets and Bengaluru where (32 percent) of respondents think that fixed deposit is the best investment option in times to come.
Majority of homebuyers prefer to buy ready-to-move-in properties with 85 percent of buyers believing that these are safer than an under-construction property.
The survey was conducted across major cities namely Delhi (NCR), Mumbai region, Kolkata, Hyderabad, Bengaluru, Pune, Chennai, Chandigarh, Ahmedabad, and Lucknow.
The study looked into four key parameters – buyers’ demand, investment perception, pricing expectations, and new consumer trends.
Other trends that the survey highlights include high dependency on online platforms for property buying. As many as 75 percent preferred to search for homes online, the survey said.
As many as 60 percent homebuyers said they would prefer a virtual tour of the property site to shortlist (49 percent) or finalise (11 percent) their homes.
As many as 41 percent homebuyers said the workplace’s proximity to their residence was an important factor while selecting a property; 23 percent said it is not at all important. As many as 64 percent buyers in Bengaluru said that this is a priority.