According to a joint Housing.com & NAREDCO survey.
Housing.com, one of India’s leading digital real estate platforms, and leading industry body NAREDCO surveyed over 3,000 people to gauge consumer sentiment for the first half of calendar year 2022 .
According to the survey, more than half (51%) of potential buyers believe that home prices will rise over the next six months.
The survey revealed that 73% of respondents believed that flexible payment plans and discounts would bring them closer to the purchasing decision.
In its report “Residential Realty Consumer Sentiment Outlook (January to June 2022), Housing.com & NAREDCO highlighted that 47% of consumers prefer to invest in real estate, the highest compared to other asset classes such as equities, gold and fixed deposits In the survey for the second half of 2020, only 35% of respondents expressed an interest in buying real estate.
“The Covid pandemic has reinforced the need to own a home for every individual. People want bigger and better homes. Our data showed that home sales increased by 13% in 2021 with a recovery in demand. We are confident that sales will break through pre-Covid levels this year,” said Mr. Dhruv Agarwala, Group CEO of Housing.com, Makaan.com and PropTiger.com.
Commenting on the survey results, Mr. Rajan Bandelkar, Chairman of NAREDCO, said, “It is encouraging to us that consumers are optimistic about the growth potential of the Indian economy and their own incomes. Nearly 50% of respondents prefer to buy real estate. This means that demand will remain strong.
Housing.com and NAREDCO have suggested the government should increase tax breaks on home loan interest rates, reduce the Goods and Services Tax (GST) on building materials, expand credit availability to small developers and reduce stamp duties to stimulate housing demand.
In a healthy sign for prop-tech companies, 40% of respondents are ready to buy a home entirely online or close the deal in a single visit to the site. The pace of technology adoption across the real estate industry has accelerated since the outbreak of the pandemic.
The survey also indicated that 57% of potential buyers would prefer to buy a ready-to-move-in (RTMI) property.
“It shows that potential buyers are still cautious about booking apartments in apartments under construction due to a lack of confidence,” Mr Agarwala said, but added that the situation is likely to change as developers focus more and more about meeting deadlines.
Another positive trend that has emerged from the COVID pandemic is that home buyers in the eight major cities are looking for properties with access and proximity to social infrastructure such as educational institutions, healthcare facilities and recreational spaces. /open. The majority of respondents want such facilities within a radius of 1 to 1.5 km from their homes.
The survey found that 79% of respondents believe the economy will continue to maintain its growth trajectory over the next six months.
Only 21% of respondents suggested the economy would get worse, compared to 41% during the first wave of the pandemic.
“About 63% of homebuyers are confident about their income for the next six months,” the report adds.