Covid-19 has altered home-buyers preferences, with the second wave being a big change catalyst. Over 34 per cent of respondent home-seekers during a survey said they focused on properties priced between Rs 90 lakh to Rs 2.5 crore. While 35 per cent favoured properties priced between Rs 45-90 lakh, just 27 per cent of respondents voted in favour of affordable housing (priced but Rs 45 lakh), as per the CII-Anarock Consumer Sentiment Survey.
“The budget range which this survey identifies because the hottest seller may be a surprise, but it is sensible if we consider that it's precisely this segment of buyers who are least financially impacted by the Covid-19 pandemic. Online home sales are gaining traction, with on the brink of 60 per cent of the whole property buying process now being conducted online - against 39 per cent within the pre-pandemic period,” said Anuj Puri, chairman, Anarock Property Consultants.
Approximately 41 per cent of participating property seekers are considering second homes for self-use, of which 53 per cent prefer mountainous regions. Amid the sustained work-from-home and e-schooling realities, over 65 per cent of respondents currently working remotely now prefer larger homes, and approx. 68 per cent aim to relocate to peripheral or suburban areas in pursuit of larger properties.
Covid-19 trends: first wave vs. second wave
1. Investor confidence in land has risen to 54 per cent during the second Covid-19 wave, against 48 per cent within the first wave;
2. Approx. 71 per cent of respondent property seekers within the second wave are end-users, and only 29 per cent are investors. within the first wave period survey, investors accounted for 41 per cent;
3. For 72 per cent of respondents, designated walking trails are must-haves, while 68 per cent require adequate open green spaces amid massively increased health awareness. Swimming pools now unsurprisingly have rock bottom priority;
4. 64 per cent of prospective buyers will respond favourably to offers and discounts during their online property search.
By LNN (Liyaans News Network)