CII and Anarock had conducted a survey and it had concluded that around 80 per cent of the prospective home buyers want to purchase nearly complete flats and 20 per cent want to purchase newly launched flats. After pricing, the survey suggests that developer credibility, project design and location are the most important factors while selecting a home.
Around 24 per cent of the respondents are willing to buy properties that will be ready within six months, while 23 per cent will not mind buying properties to be ready within a year. Only 21 per cent are now willing to buy a newly launched property. CII and Anarock said that the pandemic has altered homebuyers’ preference significantly, with the second wave being a significant change.
“For the first time, affordable housing is the lowest priority, with more than 34 per cent respondent home seekers focused on properties priced between Rs 90 Lakh to 2.5 crores,” Anarock said in a statement.
In the previous survey, about 36 per cent of respondent property seekers eyed budget housing. While attractive pricing continues to rule the roots of must-haves, established developer credibility is the second-highest priority for 77 per cent of the surveyed buyers.
The chairman of Anarock said, “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. Online home sales are gaining attraction, with close to 60% of the entire buying process now being conducted online against 39 per cent in the pre-pandemic period.”
He noted that only developers with sufficient online presence will remain relevant going forward. Social media are amongst the most effective property marketing platforms at this stage.
Among other findings in the survey, 71 per cent are end-users and only 29 per cent are investors. In the first wave survey, Investors accounted for 41 per cent.