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34 Percent Home Seekers Now Looking to Buy Properties b/w INR 90 Lakh - 2.5 Cr - CII-ANAROCK Consumer Survey | ||
Mumbai, Maharashtra, India
The latest CII-ANAROCK Consumer Sentiment Survey underscores how radically COVID-19 has altered homebuyers preferences, with the second wave being a significant change catalyst. For the first time, affordable housing is the lowest priority, with more than 34% respondent home seekers focused on properties priced between INR 90 lakh to INR 2.5 Cr. While 35% favour properties priced between INR 45-90 lakh, just 27% respondents voted in favour of affordable housing (priced <INR 45 lakh). In the previous H2 2020 survey, approx. 36% respondent property seekers eyed budget housing.
CII-ANAROCK Consumer Survey The CII-ANAROCK survey, conducted between January and June 2021, polled 4,965 participants responding via various digital platforms.
Anuj Puri, Chairman, Chairman - CII Real Estate Knowledge Session & Chairman - ANAROCK Group, says, “The budget range which this survey identifies as the hottest seller is a surprise, but it makes sense if we consider that it is precisely this segment of buyers who are least financially impacted by the COVID-19 pandemic. Online home sales are gaining traction, with close to 60% of the entire property buying process now being conducted online - against 39% in the pre-pandemic period." Anuj Puri, Chairman, Chairman - CII Real Estate Knowledge Session and Chairman - ANAROCK Group
"From property search to documentation and legal advice to down payments, homebuyers are leveraging the new tidal wave of digital technology driving the Indian housing sector," says Puri. "Only developers with sufficient online presence will remain relevant going forward. Also, social media are among the most effective property marketing platforms at this stage.”
Approx. 41% participating property seekers are considering second homes for self-use, of which 53% prefer mountainous regions. Amid the sustained work-from-home and e-schooling realities, over 65% respondents currently working remotely now prefer larger homes, and approx. 68% aim to relocate to peripheral or suburban areas to buy them.
NRI participants in the survey primarily prefer luxury properties priced between INR 1.5-2.5 Crore. Among the metros, Bengaluru, Pune, and Chennai are the hottest NRI picks, while Chandigarh, Kochi, and Surat top their Tier 2 & 3 cities list. COVID-19 Trends: 1st Wave Vs 2nd Wave The CII-ANAROCK survey also highlights a stark contrast between consumer preferences during the first and second waves of the pandemic.
The report was released by CII and ANAROCK at a specially convened virtual event. The knowledge session moderated by Anuj Puri featured a stellar line-up of prominent real estate stalwarts:
After the panel discussion, Anuj Puri interacted with Vikas Oberoi, Chairman & Managing Director, Oberoi Realty in a fire side chat on 'Indian Residential Real Estate - Corporate & Organized Players to take Pole Position'.
Click here to download the CII-ANAROCK Consumer Survey for H1 2021. |
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