Affordable, mid-segment flats homebuyers’ choice: Report
Real estate experts said that ready-to-move-in houses are preferred due to the fact that majority of buyers are end-users, who buy the property to live there.Updated: Mar 03, 2020 06:53 IST
Affordable and mid-segment housing priced between Rs 45 lakh and Rs 90 lakh is the clear choice of customers in comparison to high-end properties across major cities in the country, says a report released by Anarock, a real estate consultancy, on Monday. Also, a majority of the homebuyers prefer buying 2-BHK (bedroom, hall, kitchen) flats but their number is declining, as the number of people who prefer 3-BHK flats is now on the rise. The report by Anarock also said that over 44% of buyers in the national capital region (NCR) are looking to buy homes that are ready to move in, while 25% of buyers are looking to buy homes that are ready to move into within the next six months (the highest percentage in the category among all cities).
Real estate experts said that ready-to-move-in houses are preferred due to the fact that majority of buyers are end-users, who buy the property to live there. Even investors these days prefer to bet on projects that are completed as they don’t want to get involved with projects that might get stuck, they added.
“Once an investment hotbed, Indian housing is now primarily end-user driven. The survey reveals that 67% of the polled homebuyers will buy property for personal use, and consumer sentiment is still firmly on the side of ready-to-move-in homes or, at best, projects nearing completion. On home selection parameters, connectivity to the workplace counts as most important for 43% millennial property seekers,” Anuj Puri, chairman, Anarock Property Consultants, said.
The report, meanwhile, revealed that policy announcements and tax concessions given to homebuyers and developers have had an overall positive impact on the industry. As per the poll survey, the decision to announce alternative investment fund (AIF) of Rs 25,000 crore as well as court rulings in favour of homebuyers had improved the sentiment.
It also stated that while the NCR was the top region in terms of the demand for ready-to-move-in properties, cities such as Pune, Hyderabad and tier two and three cities were most preferred for future investments.
City-based consultants also said that majority of the buyers here were looking to buy units in affordable and mid-segment properties. “Most queries I receive are regarding completed projects, which are below Rs 90 lakh. Getting bank loans and approvals has also become tough for big loans,” Sanjay Sharma, a city-based consultant, said.