18 Feb 2022 , 04:03 PM
The survey also identifies an increasing demand for newly launched properties in cities like MMR and Bengaluru. Though ready-to-move-in (RTM) homes are still the most preferred category for 32% of respondents, this denotes a 14% reduction for this preference since the first Covid-19 wave.
Over 31% of buyers in MMR and Bengaluru have a positive outlook on newly launched projects, possibly indicating a return of investors in these markets. Another major factor influencing this change is that post-Covid-19, the new housing supply is dominated by branded developers, which homebuyers perceive as safe.
Anuj Puri, Conference Chairman – 4th CII Real Estate Confluence & Chairman – ANAROCK Group, says, “Votes favouring real estate as an asset class rose by 3% in this survey — from 54% in the H1 2021 edition to 57% in H2 2021. This is especially significant since housing prices are likely to rise by 5-8% in 2022 due to increased input cost pressure and supply chain issues. Hardening interest rates, which are very likely in the second half of 2022, will be another factor driving up the overall acquisition cost for homebuyers. 56% of respondent homebuyers are aware of this.”
“Nevertheless, the new pandemic-induced desire for homeownership continues to be robust,” says Puri. “At least 63% of previously fence-sitting respondents are now determined to become homeowners. For another 30%, the pandemic has not impacted their buying decisions, effectively resulting in 93% of respondents now convinced homebuyers.”
The survey also studies the property types in highest demand across cities, from preferred property sizes, hottest-selling budget ranges – and residential plots.
As always, the survey also provides updated insights on its respondents’ investment timelines, horizons, and age brackets. In short, the CII-ANAROCK Consumer Survey — H2 2021 unwraps the latest housing demand trends and shows what developers must focus on to harness this demand.
The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com
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