Realty remains preferred asset: survey
6/19/2020 11:25:00 AM
Homebuyers to slowly return to market in six months Real estate remained the preferred asset class for investment (35%) followed by gold (28%) and fixed deposits (22%) and stocks (16%), as per the findings of a survey by Housing.com and National Real Estate Development Council (NAREDCO). As per the survey, homebuyers are likely to slowly return to the market in the coming six months. Price points of residential realty, though having remained muted for the past few years, are still a key deterrent, according to half the respondents. A majority of respondents surveyed (73%) comprise ‘first-time homebuyers’, who are looking to buy a ‘ready-to-move-in-house’ for end-use and are from the age group of 25-45 years. While 60% of the respondents opined that for the next six months, they would prefer a ready-to-move-in property, 21% said they were okay with a property that came with a delivery timeline of a maximum of one year. The survey was conducted in April and May 2020 among 3,000 potential homebuyers. Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com, said, “Our survey clearly shows that potential homebuyers, who were searching for flats, have pressed a pause button for the time being because of the liquidity concerns and the uncertainty over the COVID pandemic. But, a majority of them will gradually start returning to the market in the coming months." Niranjan Hiranandani, national president, NAREDCO said, “The pandemic has not only shaken up the economy, it has further added to the distresses of real estate. In the current scenario, we can see a change in consumer behaviour and perception of owning a house with safe and secure surroundings, which will be the driving force for demand.” Source: The Hindu
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