Over 80% of prospective homebuyers likely to buy property in 3 months, says survey

                Majority of prospective homebuyers are looking to purchase a property in the next three months with self-use as a primary reason while investor interest has started to increase in 
certain markets, shows a JLL-Roofand Floor survey.

Around 80% of over 2,500 surveyed prospective homebuyers across the top six cities of Mumbai MMR, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Pune have indicated their 
interest in buying a house in the next one quarter.

According to the survey, nearly 80% of the prospective homebuyers indicated a preference for properties in the sub-Rs 75 lakh category. This hasn’t changed much over the course of 
the pandemic, while the size of the apartment has assumed greater significance and there is a clear preference for larger, more spacious homes. The buyers are today showing a 
greater willingness to relocate to suburban or peripheral markets to get larger homes while keeping the budget intact.

“With more than 80% of the prospective homebuyers expected to make a purchase in the next three months, the residential market is expected to ge back on the recovery path and 
2021 is likely to end on an optimistic note.

Developers are launching optimal sized houses to capture the changing preferences of consumers in the post-COVID era. While some of these changes will be fleeting in nature, 
others will be permanent. In the residential real estate sector, there is still a great deal of uncertainty around ‘what permanent changes we are likely to witness,” said Siva Krishnan, 
Managing Director, Residential Services, India, JLL.

Cities like Bengaluru, Chennai, Hyderabad as well as the Delhi NCR market are the prominent cities where the demand for 3BHK apartments has increased. Layouts of apartments, 
presence of balconies and an additional small room for work and online classes are in focus. This trend is more prominent in the cities of Mumbai and Pune where 1BHK and 2BHK 
are usually the most sought-after configurations.

by pent-up demand and the presence of ‘affordable synergy’ in the market. However, sustained recovery in the next few quarters and the resilience shown during the second Covid19 
wave are indicative of a fundamental shift in the sentiment towards home ownership. Residential real estate is an enabler of our existence and contrary to popular belief, recovery in 
the residential sector was quick and more resilient,” said Sriram Krishnaswamy, COO, RoofandFloor.

The recovery process, which started in the third quarter of 2020, was derailed in the second quarter of 2021 because of the second Covid19 wave. With most of the prospective 
homebuyers expected to make a purchase in the next 3 months, the residential market is expected to get back on the recovery path and 2021 is likely to end on an optimistic note. 
New launches are expected to go up in the second half of 2021 as developers launch new projects to monetize their land banks.

Source: The Economic Times