Indian real estate is set for recovery, as suggested by the 360 Realtors’ survey. The survey reveals that 41% of the respondents believe in a moderate outlook for the industry. 19.4% of respondents have suggested a promising outlook for Indian real estate. While 7.7% and 14.3% have suggested a Poor and Very Poor outlook, respectively.
360 Realtors, which is one of the largest Institutional Channel Partners (ICP) in the country, has conducted a consumer sentiment survey of 1,200 discerning & potential homebuyers to evaluate market viewpoint in the face of opening of the economy after lockdown 2.0. The survey has been conducted with the help of an online questionnaire.
“The 360 Realtors survey has been conducted to understand how market sentiments, economic climate, and policies are going to impact buying behavior in Indian real estate, both in isolation as well as in conjunction, in the times to come. Indian real estate stands at an important juncture currently. Following the setbacks caused during the 2nd lockdown, demand is once again on an upturn. This will surely set the stage for quicker recovery”, quoted Mr. Ankit Kansal, Founder & MD, 360 Realtors.
On being asked about the preferred property option, 48.9% of respondents indicated apartments, followed by 25.6% who have shown a preference for plotted development. This is a visible shift in the market, as increasingly buyers now prefer isolated and spacious places to live. Moreover, as the WFH mode of operation will continue for some time and education will be mostly online, families now need bigger spaces. This will lead to an upward spiral in the demand for plotted developments and townships in the suburbs.
Around 42% of the respondents suggested that they are likely to buy a home in another 12 months. ~ 35% responded otherwise. Close to 23% of the respondents surveyed demonstrated their indecisiveness about a purchase decision.
The survey has also reinforced the significance of real estate as a tool for prudent and risk-averse investment. 58.5% of survey respondents have chosen real estate as a mode of investment in the future. In a time when the fragility and fatigue in the financial markets will persist, tangible assets like real estate will be a go-to option for investors.
The 1200 respondents surveyed have been spread all across India. 23% are based out of Delhi-NCR whereas 19% are based out of the Mumbai Metropolitan Region (MMR). Bangalore contributes 17% of respondents. Other cities include Pune, Chennai, Hyderabad, Kolkata, Patna, Lucknow, and Cochin.