Most people who want to buy a home in the next six months think housing prices will increase because of higher input costs. They want flexible payment plans and discounts when they decide to buy their dream home, according to a joint survey by real estate firms.
A real estate company have surveyed more than 3,000 people to find out what people think about the housing market in India for the first half of the year in 2022.
In a report called “Residential Realty Consumer Sentiment Outlook (January–June 2022),” a real estate company said that 47 per cent of people prefer to invest in real estate, which is more than stocks, gold, and fixed deposits. Only 35% of people said they were interested in buying real estate in the second half of 2020.
Consumers are still more likely to invest in real estate than any other type of asset, even though there is a pandemic.
The outlook for each type of investment in the coming year
“The pandemic has made it even more important for everyone to own their own home.” It’s what people want to do. Our data showed that home sales rose 13% in 2021 because demand was resurgent. An expert, says that we think sales will reach pre-COVID levels again this year.
It’s good that people are optimistic about the Indian economy and their own money. Nearly 50 per cent of people who were asked said they prefer to buy real estate. This means that there will still be a lot of demand for this.
According to the survey, more than half of the people who want to buy a home think that prices will go up in six months.
The survey found that 73% of the people who took it thought that flexible payment plans and discounts would help them decide to buy.
They said the government should raise the tax rebate on housing loans’ interest rate, cut Goods and Services Tax (GST) on construction materials, make it easier for small developers to get loans, and cut stamp duty to boost housing demand.
In a good sign for real estate companies, 40% of people say they’d be willing to buy a home entirely online or close the deal in one visit. Since the pandemic’s start, the rate at which technology is being used in the real estate industry has sped up.
The survey also found that 57 per cent of people who want to buy a home said they would prefer to buy a ready-to-move-in (RTMI) property.
Prospective buyers are still hesitant to book flats in under-construction buildings because they don’t have a lot of faith in the developers, says an expert. But he adds that the situation is likely to change because developers are now more concerned with meeting their deadlines.
Another positive trend from the pandemic is that home buyers in the top eight cities are looking for properties close to social infrastructures like schools, hospitals, and parks. More than half of the people who took the survey said they want these kinds of places close to their homes.
Over 70% of people who took the survey thought the economy would grow for the next six months. This means that the economy will keep growing.
In the first wave of the pandemic, 41 per cent of people thought the economy would worsen. Only 21 per cent of people believed that the economy would worsen now.
Homebuyers are more optimistic about their income in the next six months than before, a report said.
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