New Delhi, Feb 18 (SocialNews.XYZ) As real estate prices have been subdued amid the pandemic, a majority of home buyers in the country expect property prices to remain steady over the next one year, showed a report by Anarock and CII.
Property prices across the top seven cities largely remained range-bound over the last few years amid the structural reforms, and policy changes among others. Before COVID-19 gripped India, it was widely anticipated by experts that average property prices would increase in 2020, but the pandemic derailed this probability.
"In the short-term (12 months), 67 per cent respondents consider prices to remain stable while only 18 per cent feel they will increase in a year," said the report. On long-term basis (in 5 years), 83 per cent respondents think prices will increase, it added.
Further, nearly 62 per cent of respondents in the 'CII-ANAROCK COVID-19 Sentiment Survey' consider it expedient to buy homes right away and 24 per cent respondents have already booked properties. Around 38 per cent opted for newly-launched projects.
Real estate's popularity as an investment asset class increased perceptibly post COVID-19. About 57 per cent respondents now favour property over fixed deposits, the stock market, and gold and around 59 per cent property-favouring respondents were convinced after the pandemic unfolded, after riding the fence of uncertainty before COVID-19.
Anuj Puri, Chairman of Anarock Property Consultants, said: "The survey underscores the massive impact that the coronavirus pandemic has had on home-buying decisions. The work-from-home and online education culture has resulted in buyers seeking larger homes, even if it entails moving to peripheral areas."
New launches are gaining traction post-COVID and 26 per cent of the survey's respondents will opt for homes in newly-launched projects, which is an increase of 4 per cent over the pre-COVID period, he said.
Puri, who is also the Chairman of CII Real Estate Confluence 2021, said: "Equally surprisingly, there was a decrease in the preference for ready-to-move-in homes, a reduction of at least 17 per cent since the lockdown and 6 per cent since the pre-COVID levels."
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
