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Housing sales see upswing, NRIs zero in on property investments in India
With the now discernible impact of RERA, DeMo and GST, housing sales are seeing an upward trajectory in 2018 q-o-q.
“New launches have also gone up this year with affordable housing witnessing significant growth. NRIs see India’s rebooted real estate market environment conducive enough to justify property investments, especially on the back of the depreciating rupee,” Anuj Puri, Chairman – Anarock Property Consultants says.
As many as 81 per cent of polled aspiring homebuyers acknowledge Indian real estate’s improved and improving transparency, discipline and accountability post implementation of regulatory policies, reveals Anarock Property Consultants’ ‘Real Estate Consumer Outlook: H2 2018’.
Nearly 69 per cent prospective buyers are looking to buy property for end-use. As many as 84 per cent are looking for homes which are either ready-to-move-in or slated to complete in the next 6 months. Ready-to-move-in properties are garnering maximum interest from buyers who prefer WYSIWYG (what you see is what you get) assurance Buyers continue to perceive risks associated with newly-launched projects in terms of delays and shady dealings by some developers. Nearly 61 per cent property seekers are abandoning their prolonged wait-and-watch mode and are looking to buy a property within a year. Around 24 per cent will take the plunge and buy their property immediately, while 61 per cent are looking to buy within the next one year.
“New millennials focused on home purchase rather than renting show an overwhelming preference for compact 2BHK configurations,” says Puri. “In fact, 52 per cent of the respondents lean towards this specification. Young professionals prefer to buy homes in locations close to their workplaces and are small enough to be affordable both on base cost and maintenance.”
The survey also reveals that besides real estate, the stock market and mutual funds have overtaken fixed deposits to become the second most-preferred asset class for investment. 23 per cent respondents favour stock market and mutual fund investments, followed by fixed deposits with just 14 per cent. Gold has lost its sheen in most metros except the southern cities of Chennai and Hyderabad.
Other key findings
- New consumers now rule the previously investor-driven realty market and have the upper edge in the strengthened regulatory environment.
- Investors are ready to exit the market even at lower profit margins.
- Developers are now aware that apart from various other factors, the power of social media has put buyers in the driver’s seat and customer satisfaction cannot be trifled with before, during and after a sale.
- 51pc home buyers seek rental income, 39pc prefer affordable housing
- 39pc prefer to invest in housing below Rs 40 Lakh
- 68pc seek property for end-use; 52pc favour compact 2BHKs
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