According to a recent survey conducted by NoBroker.com, 65 percent of consumers believe that it is the best time to purchase a house as property prices have remained steady for a few years, mortgage interest rates are low, and many builders are offering great discounts. With professionals working from home due to this coronavirus-induced lockdown and having greater time at their disposal, they have the much-needed time to do the preliminary research.
About 54 percent of consumers are expecting a drop in the costs of properties since the market currently has a great deal of unsold inventory Even though the outlook for property looks promising as a result of the present pandemic. Consumers are of the view that programmers would want to get rid of piled up stock to boost their cash flows.
In accordance with NoBroker.com, the use of the survey was to inspect the impact of COVID-19 on consumer sentiment. The survey was conducted among potential buyers (who are currently searching for properties on NoBroker’s database) and renters to understand how their priorities have changed. Around 11,580 people responded to the survey. It was conducted across Bengaluru, Mumbai, Pune, Hyderabad, Chennai, and Delhi NCR.
For finalizing a property, safety, budget, and water supply stood out as key considerations. About 36 percent of consumers are currently looking to purchase a house time frame and almost 28 percent are looking at a time frame of months.
Around 59 percent of consumers have said that they would prefer to reside in an apartment society over a house as societies offer amenities. Also, groceries, water supply, power back-up, and safety are less of a concern in an apartment complex. As many as 92 percents of respondents are currently looking to buy properties.
NoBroker said its yearly survey indicated a growth of interest as an investment option in commercial properties. But the choice has tilted in favor of accommodation. Since there is some amount of distrust in projects as a result of uncertain timelines 86 percent of consumers prefer houses. The situation in some scenarios has worsened. 2BHKs are still the selection for around 48 percent of consumers.
Improvisation in times of quarantine
Many consumers have quickly adapted to shortlisting of properties via. 45 percent of consumers have cited that the procedure is efficient, economical and not as time-consuming.
In purchasing a house, leading within the budget of lakh job uncertainty and liquidity crunch were cited as the major hindrances. This is also a reason cited by 79 percent of consumers that are seeking to purchase a property.
The present situation has enabled some doubts to creep in but it has attracted consumers closer to understanding the importance of owning a house. As India unlocks gradually, the rates of interest and good deals have produced a housing demand and buyers believe it’s a great chance.