According to recent survey, at least 89% of the respondents of ‘India Real Estate Report 2020’ survey think so. NoBroker.com, a popular real estate platform, has conducted a survey across Delhi-NCR, Bangalore, Mumbai, Pune, Chennai and Hyderabad to find the real estate trends in 2020.
This year started with COVID-19 pandemic and it has forced the world to change its regular habits. With global companies shifting their working habits, ‘work from home’ has become a new normal in a pandemic-stricken world. So, people are now taking more interest in owning a home than before.
The rate cuts in home loans, attractive offers by lenders, builder discounts and reduction in stamp duty charges in Maharashtra and Karnataka — are the reasons homebuyers are planning to invest in properties.
Around 82% respondents has confirmed that they are looking forward to buy a property in 2021. Millennials, who were used to rental lifestyle, are more keen towards buying a home this year, the survey reveals. “The 25-40 demographic constituted for about 49% of buyers until last year. This percentage has now rocketed to a whopping 63%,” the survey mentions.
There has also been a sizeable jump in homebuyers’ budget, the survey reveals. Majority of the buyers (58%) plan to purchase a flat within ₹60 lakh while 13% want buy a property within ₹60 lakh to ₹80 lakh. Around 19% respondents say that they are looking to buy a property within ₹80 lakh to ₹1 crore budget. “Last year only 10% contributed to that budget bracket,” according to the survey. At least 11% respondents are looking to purchase a property over ₹1 crore. “This is also up from last year’s 7%,” the survey says.
As people are spending more time at home during coronavirus pandemic, the demand for bigger house has also been on a rise. As many as 29% respondents want a 3BHK, the survey fins. For 2BHK, 48% people give a thumbs up. Both the categories have witnessed a significant jump this year, according to the survey.
Around 57% of buyers prefer ready-to-move-in houses, while 27% look for resale, the survey says. “Due to stalled projects and delayed construction, buyer confidence in under-construction properties is very low as on 16% have shown interest in them,” the survey states.
While 89% buyers are looking to buy a property for self use, 11% want it for investment purpose.
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