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Rekindled aspirations for homeownership - 90% of prospective buyers expected to buy a house within the next three months
by Admin September 30, 2021

Rekindled aspirations for homeownership - 90% of prospective buyers expected to buy a house within the next three months

Potential home buyers want to make the most of this great time to buy a home, and more than 80% are inclined to buy homes within the next three months according to a study by JLL called the 2021 Homebuyer Preference Survey. 90% of buyers want to buy a house in the last three months and 80% prefer properties in the Rs 75 lakh category, according to the latest survey. The survey included more than 2,500 potential homebuyers in the six largest cities Mumbai (MMR), Delhi, NCR, Bengaluru, Hyderabad, Chennai, and Pune.

 

More than 80% of potential homebuyers are now expected to make a purchase in a market that is expected to be on a recovery path in 2021 and is likely to end on a positive note. For most of them, developers are launching new projects to monetize their land banks in the market, it said. Developers are also launching optimum-size homes to capture changing consumer preferences in the post-COVID era. As the market recovers, renowned developers will become more flexible in terms of offering discounts and other benefits for homebuyers.

 

As the impending COVID-19 wave is contained and consumer sentiment improves over the festive period, a healthy recovery in the residential property sector is expected in the second half of 2021. New products are expected to hit the market in the second half of 2021 as developers bring large houses and apartments onto the market to capture changing consumer preferences in the post-COVID era. Some of the changes are fleeting, while others are permanent.

 

Networking between offices and schools no longer dictates the decision to buy a home. There will be more emphasis on floor plans and the presence of additional rooms for work and online teaching. In low-density environments with access to open green spaces and access to healthcare, the size of the home has become more important in the decision-making, the report said. Developers shall take these changing preferences into account and be open to adapting to the needs of buyers.

 

Prospective buyers are willing to occasionally take long journeys to work in a less crowded space in exchange for a spacious home at an affordable price, the survey found. In addition, most homebuyers who buy homes for home use fall into the category of first-time homebuyers, homebuyers who are upgrading to a bigger and better home, and homebuyers who are buying a second asset that can be used as a vacation home.

 

The study says investors are seeking a good time to get a good deal with developers in some markets such as Hyderabad that have seen a reasonable appreciation in home prices in recent years. The size of the apartments is becoming more important, with a clear preference for larger, more spacious apartments. In fact, buyers today are showing a greater willingness to move for larger homes from the suburbs and periphery, while the budget remains intact, the report said.

 

This trend is particularly pronounced in cities such as Mumbai and Pune, where 1BHK and 2BHK are the most sought-after configurations. In cities such as Bengaluru, Chennai, Hyderabad, and Delhi-NCR, which are prominent cities, the demand for 3BHK apartments is increasing. Another focus is the design of apartments with balconies and additional small rooms for work and online courses.

 

Homebuyers are optimistic about the future despite the current volatile business environment and consumer sentiment. As the impending COVID-19 wave is limited and consumer sentiment improves over the festive period, a healthy recovery in the sector is expected in the second half of 2021 as lockdowns and restrictions in cities have been eased, and vaccination is gaining momentum.

 

Most of the restarts during the pandemic were driven by high-profile developers, said Ankit Aditya Pradhan, founder, Realty Assistant. The upward trend in home sales after Unlock 1.0 2020 was driven by pent-up demand and the presence of affordable synergies in the market. The continued recovery in the coming quarters and the resilience shown during the second COVID-19 wave indicate a fundamental shift in sentiment toward housing.

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