Nearly 84% Homebuyers Prefer To Invest In Ready-to-move-in Projects
Nearly 84 per cent homebuyers now prefer to invest in either ready-to-move-in projects or those slated for completion within the following six months, according to a report titled Real Estate Consumer Outlook: H2 2018 by ANAROCK Property Consultants.
Buyers continue to perceive risks associated with newly-launched projects in terms of delays and shady dealings by some developers. Ready-to-move-in properties are garnering maximum interest from buyers who prefer what you see is what you get (WYSIWYG) assurance, it said.
Nearly 11 per cent participants favour properties that will be ready within a year and only 5 per cent want to put their money in newly launched projects. The survey was conducted in seven major cities- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata and Pune and saw the participation of 2,621 people.
Nearly 69 per cent prospective buyers are looking to buy property for end-use.
Nearly 61 percent property seekers are abandoning their prolonged wait-and-watch mode and are looking to buy a property within a year. As many as 24 per cent will take the plunge and buy their property immediately, while 61 per cent is looking to buy within the next one year, it says.
The other findings of the survey are that 51 per cent home buyers seek rental income, 39 per cent prefer to invest in housing priced below Rs 40 lakh, 68 per cent seek property for end-use and 52 per cent favour compact two bedroom flat (2BHK).
Commenting on the survey, Chairman – ANAROCK Property Consultants said with the now discernible impact of RERA, DeMo and GST, housing sales are seeing an upward trajectory in 2018 quarter-on-quarter (QoQ). New launches have also gone up this year with affordable housing witnessing significant growth. NRIs see India’s rebooted real estate market environment conducive enough to justify property investments, especially on the back of the depreciating rupee.
New millennials focused on home purchase rather than renting show an overwhelming preference for compact 2BHK configurations, he said. In fact, 52 per cent respondents lean towards this specification. Young professionals prefer to buy homes in locations close to their workplaces and are small enough to be affordable both on base cost and maintenance.
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