85 percent First time Buyers pave way for Realty Growth in 2021
The Indian real estate sector has always remained an investor's favourite which has shown immense resilience against the pandemic. Continuing its uphill climb against all odds, the sector continues to attract potential buyers. These positive sentiments were reflected in a recent ANAROCK report which said that in the nine months between July 2020 and March 2021, 85 per cent of homebuyers in the NCR market were first-timers. As per the total housing sales of 21,750 units in NCR during these nine months, around 90% buyers were end-users and 10 per cent investors. With these promising numbers, leading real estate developers are confident that the demand in the resilient real estate sector will get stronger once lockdown restrictions are lifted. As movement is now restricted due to COVID-19 there is rise in demand for 2.5 BHK and 3.5 BHK homes where the homebuyers are looking to convert the additional space as per their need and requirements. According to ANAROCK, affordability, bottomed-out prices, stamp duty cut and low home loan interest rates have resulted in the increased demand. In addition, the NCR region where property prices are comparatively higher was the preferred choice among first-time buyers and attracted buyers from neighboring cities also. In the luxury segment, 75 percent preferred ready to move in spaces and 20 per cent went for spaces that are due to complete in two years. With new infrastructure upgrades, improved liveability index, and excellent connectivity, peripheral areas have also become attractive choices. Many homebuyers are now upgrading to larger homes in non-central locations. Amid the extended-work-from culture, a rise in tech-savvy millennial customers has changed the perceptions and has enabled developers to come up with offerings with modern amenities matching global standards, setting new benchmarks in the housing segment. Increased foreign investments have also buoyed sentiments of the residential segment.
Tags : News/Views homebuyers Infrastructure Stamp Duty real estate sector buyers COVID-19 pandemic Indian Realty Growth low home loan interest rates