According to a recent examine conducted by NoBroker.com, 65 percent of consumers believe that it is the best time to buy a dwelling as owned prices have remained constant for a few years, home loan interest rates are low, and numerous makes are offering enormous deductions. With most professionals directing from home due to the coronavirus-induced lockdown and having greater hour at their disposal, the government has the much-needed time to do the preliminary study.

Although the outlook for real estate ogles less promising due to the current pandemic, about 54 percentage of consumers are expecting a significant drop in the prices of suburban assets as the market currently has a lot of unsold inventory. Consumers are of the view that developers would want to get rid of piled up inventory to boost their cash flow.

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According to NoBroker.com, the purpose of the survey was to check the impact of COVID-1 9 on purchaser sensibility. The cross-examine was conducted among potential customers( who are currently sought for dimensions on NoBroker’s database) and holders to understand how their priorities have changed. Around 11,580 parties responded to the survey. It was conducted across Bengaluru, Mumbai, Pune, Hyderabad, Chennai, and Delhi NCR.

Consumer considerations

Budget, safety and water supply stood out as key considerations for finalising a dimension. About 36 percentage of consumers are looking to purchase a house within 3 month’ time frame and roughly 28 percent are looking at a time frame of three-to-six months.

Consumer preferences

Around 59 percentage buyers have stated that would prefer to live in an apartment civilization over an independent house as civilizations volunteer more amenities. Too, water supply, groceries, supremacy back-up, and safety are less of a concern in an apartment complex. As numerous as 92 percentage respondents are looking to buy suburban properties.

NoBroker said its annual survey expressed a steady rise of interest in busines dimensions as an investment option. But the current crisis has tilted the choice in favour of residential housing. 86 percent buyers promote ready-to-move-in dwellings as there is some amount of distrust in under-construction projects due to uncertain timelines. Unavailability of construction workers has worsened the situation in some scenarios. 2BHKs are still the most popular choice for about 48 percentage of consumers.

Improvisation in times of quarantine

Interestingly, many buyers have soon adapted to shortlisting of properties via video walk-throughs. 45 percentage customers have cited that the process is less time-consuming, economic and guys more efficient.

Roadblocks

Job uncertainty and liquidity crunch were quoted as the major obstacles in buying a house, leading to a greater demand for homes within the budget of Rs60 lakh. This is also a reason cited by 79 percent of consumers who are looking to purchase a property without consuming broker assistances.

The current situation has allowed some doubts to creep in but it has also wreak consumers a little bit closer to realising the importance of owning a residence. As India opens gradually, the lower interest rates and good deals have created a pent-up housing demand and countless purchasers believe it’s a great opportunity to buy their dream home.

( Edited by Kanishk Singh)

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