Is This The Best Time To Buy Real Estate In India? At least 89% of the ‘India Real Estate Report 2020’ survey respondents think so. NoBroker.com, a popular real estate platform, conducted a survey of Delhi-NCR, Bangalore, Mumbai, Pune, Chennai and Hyderabad to find real estate trends in 2020.
This year started with the COVID-19 pandemic and forced the world to change its regular habits. With global companies changing their work habits, “work from home” has become a new normal in a world hit by a pandemic. So, people are now getting more interested in owning a home than before.
Home loan rate cuts, attractive offers from lenders, discounts for builders, and reduced stamp duty in Maharashtra and Karnataka – are the reasons home buyers are planning to invest in property .
About 82% of respondents confirmed they are looking forward to buying a property in 2021. Millennials, who were used to the rented lifestyle, are more likely to buy a home this year, reveals the poll. “The 25-40 demographics made up about 49 percent of shoppers up until last year. That percentage has now jumped to a whopping 63 percent,” the survey says.
There has also been a noticeable jump in homebuyers’ budgets, the survey reveals. Most buyers (58%) intend to buy an apartment inside ₹60 lakhs while 13% want to buy a property inside ₹60 lakh in ₹80 lakh. About 19% of respondents say they want to buy a property inside ₹80 lakh in ₹1 crore of budget. “Last year only 10% contributed to that budget range,” according to the survey. At least 11% of respondents are looking to buy a property ₹1 crore. “This has also increased from 7% last year,” the poll said.
As people spend more time at home during the coronavirus pandemic, the demand for a larger home has also increased. As many as 29% of respondents want a 3BHK, the fins of the survey. For 2BHK, 48% of people give a thumbs up. Both categories have seen a significant jump this year, according to the survey.
About 57% of buyers prefer homes that are ready to move, while 27% are looking for resale, the survey said. “Due to stalled projects and delayed construction, buyer confidence in properties under construction is very low as 16% have shown interest in them,” the survey said.
While 89% of buyers are looking to buy a property for personal use, 11% want it for investment purposes.
Considering safety, backup power, maintenance, gyms and swimming pools, 61% of respondents want to buy housing in a company. Only 11% of buyers want to invest in land, the survey said.
Here are the best shopping locations in the Indian metro: Banashankari and Whitefield in Bengaluru, Madipakkam and Perambur in Chennai, Dwarka and Rohini in Delhi-NCR, Kukatpally and Madhapur in Hyderabad, Thane West and Panvel in Mumbai, Wakad and Pimpri Chinchwad in Pune.
The survey provides an in-depth view of the performance of the Indian real estate sector in 2020 overall and at the location level, NoBroker.com said.