Market reports serious enquiries
Bengaluru is witnessing the fastest recovery in enquiries in the residential real estate segment in major cities compared to pre-COVID-19 levels.
Enquiries have reached 70% of the January-February period in Bengaluru residential real estate segment as to pre-COVID-19 levels, followed by Gurugram with nearly 65%, according to Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants.
This shows that India’s residential real estate segment is witnessing a decisive return of serious enquiries, which are now at 50% of pre-COVID-19 levels in the top cities, he pointed out.
“Despite site visits far from the previous levels, the site-visit-to-closure conversion rate has increased considerably as only serious buyers are venturing out, with casual window shoppers fairly dormant currently,” he said.
“Hyderabad now sees an average of 15% site visits converting to sales, against 8% in the pre-COVID-19 period. Gurgaon, with just 4-5% conversions earlier, is now clocking in at 8-10%. Other cities report similar trends,” said Thakur.
In terms of the preferred budget range, homes priced between Rs.40 lakh to Rs.1.25 crore now attract a major chunk of the post-COVID-19 buyer enquiries.
Bengaluru, Chennai, Ghaziabad and Noida are seeing maximum traction for homes in the under-Rs.1 crore budget. Gurgaon is seeing maximum enquiries for properties priced from Rs.75 lakh to Rs.1.25 crore for flat sizes 1,400-1,600 sq. ft. built-up area.
MMR is witnessing enquiries for homes priced within Rs.60 lakh to Rs.1.2 crore for property sizes between 400-800 sq. ft. carpet area.
In terms of property configurations, 2BHKs and 3BHKs are in highest demand. While buyers in Bengaluru, Gurgaon, Hyderabad, Kolkata and Noida are more inclined towards 3BHKs and upwards, MMR sees a higher preference for 2 BHKs over the previous 1BHK. #urban #housing #apartments #residential #property #buyers #investors /fiinews.com
