Prospective homebuyers are looking for tax incentives and flexible payment plans as well as leaning towards extra benefits provided by developers in light of rising housing costs and rising home loan rates over the previous year, according to survey report titled “Residential Realty Consumer Sentiment Outlook H2 2023 – Trends and Insights”.
Residential real estate that is ready to move into is more in demand than unfinished projects. The poll found that 48 per cent of participants preferred real estate investing, which outperformed other asset classes like stocks, fixed deposits, and gold. According to the research, 15 per cent choose gold, 18 per cent prefer the stock market, and 19 per cent prefer fixed deposits.
“Throughout history, real estate has been a cornerstone of investment. The COVID-19 pandemic has enhanced its relevance, making it the preferred choice for many. Factors such as the emphasis on homeownership, the rise of hybrid work models, and the importance of safety and security have elevated the real estate sector to new heights,” Dhruv Agarwala, Group CEO of Housing, PropTiger and Makaan commented. Flexible payment plans and tax incentives like stamp duty and GST waivers are going to be the main driving forces behind home purchases in the next six months.
The survey revealed that the most sought-after property categories are gated communities and homes that are ready to move into. A buyer’s decision-making process may be influenced by extra benefits like modular kitchens and custom woodwork. Also tailored help is essential for potential purchasers to complete their transactions after narrowing their list of properties.
The online survey, which was performed between January and June 2023, reportedly involved over a thousand potential homebuyers.