Online home sales are gaining traction, says CII-ANAROCK survey
A Consumer Sentiment Survey underscores how radically COVID-19 has altered homebuyers preferences, with the second wave being a significant change catalyst. For the first time, affordable housing is the lowest priority, with more than 34% respondent home seekers focused on properties priced between Rs.90 lakh to Rs. 2.5 crore.
While 35% favour properties priced between Rs.45-90 lakh, just 27% respondents voted in favour of affordable housing (priced <Rs.45 lakh). In the previous H2 2020 survey, approx. 36% respondent property seekers eyed budget housing, according to the survey by CII-ANAROCK which was published 3 Sept 2021.
The survey, conducted between January and June 2021, polled 4,965 participants responding via various digital platforms.
While attractive pricing continues to rule the roost of must-haves, established developer credibility is the second-highest priority for 77% of the surveyed buyers. Project design and location also feature prominently on the wish list.
“The budget range which this survey identifies as the hottest seller is a surprise, but it makes sense if we consider that it is precisely this segment of buyers who are least financially impacted by the COVID-19 pandemic,” said Anuj Puri, Chairman, Chairman – CII Real Estate Knowledge Session & Chairman – ANAROCK Group.
“Online home sales are gaining traction, with close to 60% of the entire property buying process now being conducted online – against 39% in the pre-pandemic period.”
“From property search to documentation and legal advice to down payments, homebuyers are leveraging the new tidal wave of digital technology driving the Indian housing sector,” said Puri. “Only developers with sufficient online presence will remain relevant going forward. Also, social media are among the most effective property marketing platforms at this stage.”
Approx. 41% participating property seekers are considering second homes for self-use, of which 53% prefer mountainous regions. Amid the sustained work-from-home and e-schooling realities, over 65% respondents currently working remotely now prefer larger homes, and approx. 68% aim to relocate to peripheral or suburban areas to buy them.
NRI participants in the survey primarily prefer luxury properties priced between Rs.1.5-2.5 crore. Among the metros, Bengaluru, Pune, and Chennai are the hottest NRI picks, while Chandigarh, Kochi, and Surat top their Tier 2 & 3 cities list. #investment #property #banking #economy /fiinews.com
