Contrary to popular view, mid-range homes, priced between Rs 45 to Rs 90 lakh, are witnessing higher demand compared to affordable houses, a recent survey has revealed.
According to Anarock’s Consumer Sentiment Survey – H2 2019 in association with LIC Housing Finance Ltd, at least 63 per cent of surveyed respondents across the country will invest in real estate in 2020, and 60 per cent of participants in Delhi-NCR will buy within the next six months alone, the highest among all cities.
The survey indicates that affordable and mid-segment housing priced within Rs 90 lakh are the clear choices. Mid-segment properties topped consumer demand with 42 per cent respondents voting in its favour, followed by 31 per cent preferring homes priced below Rs 45 lakh.
Moreover, policy interventions like tax concessions and Rs 25,000 crore Alternate Investment Fund have boosted homebuyer confidence with most now considering real estate investment safe and viable, it showed.
“The major factor which prompted property purchases in 2019 was attractive property prices (46 per cent), followed by 20 per cent due to boosted confidence after effective RERA implementation,” the survey report said.
Conducted towards the end of H2 2019, the survey gauges the disposition of property seekers across India on various parameters.
“Millennials’ preferences are changing the entire property business landscape in this new decade," says Anuj Puri, Chairman, Anarock Property Consultants. "Once an investment hotbed, Indian housing is now primarily end-user driven. The survey reveals that 67 per cent of the polled homebuyers will buy property for personal use, and consumer sentiment is still firmly on the side of ready-to-move-in homes - or, at best, projects nearing completion. On home selection parameters, connectivity to work counts as most important for 43 per cent millennial property seekers. The IT hubs of Pune and Bangalore came out on top in this trend due to escalating traffic woes.”
The H2 2019 survey also confirmed that tier-2 and tier-3 cities continue to trump the metros as investment hotspots.