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- Deals-discounts and cheap home buying boost, CII-Enarc Kovid-62% opinion in 19 cent survey
- The number of people buying houses to live instead of investment increased, the figure of 59% before Kovid rose to 74%
The purchase of houses is being encouraged by the developers’ good deal-discount and cheap homes. CII-Anarock Kovid-62% of the survey respondents believe so. So many percent people are ready to buy houses immediately.
The percentage of people who want to buy a house to live has increased 74% happen
According to the survey, now the number of people buying houses to live instead of investing has increased compared to before Kovid. In the first hundred, 59 people wanted to buy a house to live in, while after Kovid their figure increased to 74. Before Kovid, 31% of the people were interested in houses worth less than Rs 45 lakh, after Kovid their percentage increased to 40%.
24% people have booked property, previously 81% people were in Udharabun
24% of the people surveyed said that they had already booked the property. At first 81% of the people were unable to decide whether to get a house or not. 38% of people have booked in newly launched projects, meaning they are willing to wait for accommodation. The report of CII and Enarock has been released in the third CII Real Estate Confluence with the theme ‘Indian Real Estate Vision 2025’.
57% has FD, stock market and real estate preferred over gold
According to this survey, the demand for houses as an investment option has increased after Kovid-19. 57% of the people surveyed preferred FD, stock market and gold. Of those who were hesitant to buy houses before Kovid-19, 59% of them got ready after Kovid-19.
Work from home and online education culture increase demand for large houses
According to Anuj Puri, chairman of CII Real Estate Confluence and Enarock Property Consultants, ‘Corona virus has had a major impact on people’s decision to buy houses. Work from home and online education culture has led to increased demand for large houses, even if they are far from the city center. Interestingly, after Kovid-19, the launch of new projects has increased. 26% of the people surveyed chose newly launched projects, 4% higher than Kovid’s already.
The percentage of people willing to buy houses ready to live decreased
Another interesting thing is the decrease in the percentage of people willing to buy houses ready to live. The percentage of these people is down 17% from the lockdown peak and 6% below the pre-Kovid level. This is confirmed by the Consumer Sentiment Survey that preceded Kovid and during the peak in May. According to Puri, ‘the reason may be the new launching of new branded developers. Buyers find it safer to take a house than a strong and organized player. The stock of houses ready to live is limited anyway. ‘
2BHK Want still The most, Now demand for more space
As far as the choice of house buyers is concerned, after Kovid-19, the demand for big houses has increased in all BHK space. The highest demand is still for 2BHK houses, but now buyers are asking for more space. In the survey, 69% of buyers are asking for 2BHK houses larger than 600 square feet whereas earlier only 38% people wanted big houses. 62% people were willing to satisfy in 600 square feet.
Loving luxury houses worth Rs 90 lakh to 2.5 crores NRI
Demand for 3BHK and 4BHK houses has also increased, especially among NRIs as compared to earlier Kovid-19s. According to the survey, most NRIs are opting for luxury houses worth Rs 90 lakh and Rs 2.5 crore. 3BHK and 4BHK houses topped their wishlist. 24% of buyers surveyed have already booked houses, 38% of them are NRIs. At least 43% of the people in the survey said that they are willing to move away from the city center while 28% want a house close to the office.
Millennials want to live in their own house instead of rent.
The demand for branded developer houses is increasing. The ratio of demand for branded and non-branded properties before Kovid was 52:48 which reached 61:39 after Kovid. Apart from this, there is a desire of Millennials to stay in their house instead of rent. In the survey, all other investment options are giving preference to real estate. Significantly, at least 48% of the people surveyed were 25–35 years old.