“We do agree with the survey findings and believe the market outlook will be moderate to positive. Real estate started on a strong footing at the beginning of the calendar year, which has been softened in the face of the current crisis. Yet, the industry this time is poised to make a quicker recovery based on the learnings from the previous year,” the survey said.
Going forward, numerous sub categories in the housing market such as rental properties, co-living, student housing, affordable homes, plotted developments, second homes are set to rise.
360 Realtors has conducted a consumer sentiment survey of 1,200 discerning and potential homebuyers to evaluate market viewpoint in the face of opening of the economy after lockdown 2.0. The survey has been conducted with the help of an online questionnaire.
“The 360 Realtors survey has been conducted to understand how market sentiments, economic climate, and policies are going to impact buying behavior in Indian real estate, both in isolation as well as in conjunction, in the times to come. Indian real estate stands at an important juncture currently. Following the setbacks caused during the 2nd lockdown, demand is once again on an upturn. This will surely set the stage for quicker recovery”, said Ankit Kansal, Founder and MD, 360 Realtors.
On being asked about the preferred property option, 48.9% of respondents indicated apartments, followed by 25.6% who have shown a preference for plotted development.
This is a visible shift in the market, as increasingly buyers now prefer isolated and spacious places to live. Moreover, as the WFH mode of operation will continue for some time and education will be mostly online, families now need bigger spaces. This will lead to an upward spiral in the demand for plotted developments and townships in the suburbs.
Around 42% of the respondents suggested that they are likely to buy a home in another 12 months. Close to 23% of the respondents surveyed demonstrated their indecisiveness about a purchase decision.
The survey has also reinforced the significance of real estate as a tool for prudent and risk-averse investment. 58.5% of survey respondents have chosen real estate as a mode of investment in the future. In a time when the fragility and fatigue in the financial markets will persist, tangible assets like real estate will be a go-to option for investors.
The 1200 respondents surveyed have been spread all across India. 23% are based out of Delhi-NCR whereas 19% are based out of the Mumbai Metropolitan Region (MMR). Bangalore contributes 17% of respondents. Other cities include Pune, Chennai, Hyderabad, Kolkata, Patna, Lucknow, and Cochin.