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Indian home buyers prefer to go in for ready-to-move-in properties now, a trend in slight variance with the recent times, a report by property consultant Anarock showed. In a survey - Indian Real Estate Consumer Outlook H2 2018 - involving 2,621 participants, as many as 49 per cent favoured ready-to-move in properties, according to the report.
On the other hand, 35 per cent are looking to buy property which will be ready-to-move in within next six months, followed by 11 per cent favouring the property which will be ready within a year.
Interestingly, only 5 per cent would want to invest in the newly launched projects. This could prompt developers with ongoing existing projects to finish them at the earliest before taking up new launches.
As per the report, the trend can thus help in reducing the unsold stock across the country significantly. Meanwhile, 81 per cent of the respondents believed that investment in real estate is better than putting their money in the banks.
Affordable housing
The survey also indicated that nearly 39 per cent respondents preferred to buy property in the affordable segment which is less than ₹ 40 lakh, followed by 28 per cent seeking properties in the mid segment between ₹40 lakh to ₹ 80 lakh.
“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,” said Anuj Puri, Chairman, Anarock Property Consultants.
Besides smaller size units, 2BHKs are the top favourite BHK-configuration amongst most property seekers in urban cities. As many as 57 per cent respondents prefer to buy 2BHK homes, followed by preference for 3BHKs, 1BHK and 4BHK with 29 per cent, 12 per cent and 2 per cent respectively.
As many as 81 per cent respondents, think that post implementation of regulatory policies like Real Estate (Regulation and Development) Act, 2016 and demonetisation, the Indian real estate sector has become more transparent and accountable. However, 18 per cent respondents still want more policies to be implemented so that the sector becomes more transparent and efficient.
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