Indian Real Estate comes out of Quarantine: NoBroker

1
Indian Real Estate comes out of Quarantine
NoBroker
According to a recent survey conducted by
Nobroker.com, Indias leading C2C platform for
real estate needs, 65 of consumers believe that
it is the best time to buy a home as property
prices have been constant for few years, home
loan interest rates are low and many builders are
offering great discounts. With most professionals
working from home, and greater time at their
disposal, they have the much-needed time to do
the preliminary research . Although the outlook
for real estate looks less promising due to the
current pandemic, about 54 of consumers are
expecting a significant drop in the prices of the
residential properties 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
flows. The purpose of the survey was to check
the impact of Covid-19 on consumer sentiment. It
was given out to potential buyers (who are
currently searching for properties on our
database) and tenants to understand how their
priorities have shifted. 11,580 people responded
to the survey. It was conducted across the cities
of Bangalore, Mumbai, Pune, Hyderabad, Chennai
and Delhi NCR. If youre interested in finding a
rental apartment to live you can choose nirvana
country gurgaon is a good place to find an
apartment. Consumer considerations Budget,
safety and water supply stood out as key
considerations for finalising a property. About
36 of consumers are looking to purchase a house
within 3 months timeframe and nearly 28 are
looking at a timeframe of 3-6 months. Consumer
preferences 59 consumers have stated that would
prefer to live in an apartment society over an
independent house as societies offer more
amenities. Also water supply, groceries, power
back- up and safety are less of a concern in a
society. As many as 92 are looking to buy
residential properties. NoBrokers annual survey
indicated a steady rise of interest in commercial
properties as an investment option. But the
current crisis has tilted the choice in favour of
residential accommodation. 86 consumers prefer
ready-to-move in homes 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 of
consumers. Improvisation in times of
quarantine Interestingly, many consumers have
quickly adapted to shortlisting of properties via
video walkthroughs. 45 consumers have cited that
the process is less time-consuming, economical
and more efficient.
2
Roadblocks Job uncertainty and liquidity crunch
were cited as the major hindrances in buying a
house. This is also probably why there is greater
demand for houses within the budget of INR 60
lakhs. It is also probably why 79 of consumers
are looking to purchase a property without using
broker services. The current situation has
allowed some doubts to be crept in but it has
also brought consumers closer to realising the
importance of owning a home. As India unlocks
slowly, the lower interest rates and good deals
have created a pent-up housing demand and many
buyers believe its a great opportunity to buy
their dream home.