Report
Real estate continues to be preferred asset class for investment
Real estate continues to be the preferred asset class for investment in the wake of the COVID-19 pandemic, but majority of homebuyers want discounts along with flexible payment options as an incentive, according to a survey by Housing.com and Naredco.
The real estate portal conducted the survey between January and June this year of more than 3,000 consumers.
According to the survey findings, real estate is the preferred mode of investment for 43 per cent (35 pc last year) of respondents, followed by stocks 20 per cent (15 pc last year), fixed deposit 19 per cent (22 pc last year) and gold 18 per cent (28 pc last year).
“This demand increase generated post-COVID, aided by rock-bottom housing prices and historically low interest rates on home loans, has helped residential real estate developers to successfully navigate through the tough economic situation caused by this pandemic,” Agarwala added.
Among other key findings, the majority of the respondents (71 per cent) feel that flexible payment plans and discounts will provide much-needed financial aid during current times and drive them to make purchase decisions.
Strong housing sales in Maharashtra’s two key markets– Mumbai and Pune — suggest that stamp duty reduction by the state Government did play an important role in stimulating demand during the September 2020 to March 2021 period.
The survey found that economic and income outlook for the coming six months is more optimistic as compared to H1 2020.
The sentiments have been less impacted this year given that uncertainty is lower as compared to last year. Also lockdowns have been more selective along with vaccine availability.
“While the second wave did see homebuyers shying away from making a purchase, subsiding coronavirus cases has seen buyers resume their home searches a lot quicker than after the previous lockdown period,” the report said.
As expected, prospective homebuyers are now taking into account nearby healthcare infrastructure for selecting a property.
Recreational spaces and daycare centres have also made it to the list of top amenities that buyers look for.
With corporates adopting work-from-home and hybrid work policies, homebuyers are expressing interest in looking for larger homes.
Traffic on real estate portals for searching properties has gone up due to acceleration in the use of digital tools during this pandemic.
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