/ -- RERA implementation and lower GST revive consumer faith in new launches; 36% of buyers still prefer ready-to-move-in units Lower prices influenced >50% homebuyers to purchase homes in 2018; nearly 52% would buy again with the same developer End-user-driven Bangalore saw 44% of respondents buy homes for investment 70% of prospective buyers prefer properties under INR 80 lakh Tier 2 & 3 cities new investment hotspots; Bangalore favourite investment destination for NRIs While ready-to-move-in homes remained the preferred choice for several homebuyers, new launches (which drew the least consumer interest in the previous survey) saw a decent revival according to ANAROCK's Consumer Sentiment Survey H1 2019. Over 18% of respondents now prefer new launch properties as against mere 5% in the previous survey.
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Anuj Puri, Chairman, ANAROCK Property Consultants, says, "Our latest survey confirms that a conducive reform-driven market environment and Government sops have breathed life to Indian real estate. Long-term investors with realistic returns expectations are returning. 58% of our respondents bought property for end-use, and 42% bought for investment - up by 10% against the previous survey."
"Tier 2 & 3 cities have emerged as the new investment hotspots thanks to low property prices and improved infrastructure boosting their overall growth potential," says Puri. "Our survey confirms a 26% investor approval rating for tier 2 & 3 cities, with Bangalore following as the second-most preferred investment option with 21% votes."
Main Takeaways:
70% of respondents preferred properties priced within INR 80 lakh
Other Survey Highlights:
Not surprisingly, 56% of respondents in Delhi-NCR preferred ready-to-move properties (though 44% NRIs preferred new launch properties) 27% of respondents in MMR and 23% in Hyderabad preferred RTM homes Bangalore remains the perennial investment favourite
Over 55% respondents preferred 2BHKs; 53% preferred compact-sized homes 41% are considering properties priced between INR 30 - 45 lakh as affordable across the top 7 cities Nearly 38% of respondents favoured homes in the mid-segment (INR 40 lakh - 80 lakh); 32% preferred affordable homes within INR 40 lakh In Bangalore, Delhi-NCR, Pune and Hyderabad, buyer preference is shifting from the affordable to the mid-segment housing category Click here to download the report: https://www.anarock.com/research-insights/real-estate-consumer-survey-h1-2019
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