50% increase in enquiries for real estate properties during covid period
VADODARA: According to a recent research, India’s real estate segment has observed a hike in enquiries specially for residential projects which are now at 50% of Pre- COVID19 levels in top cities of India. The surge is because people want to own a home as they know that this is where they’re going to feel the safest in a pandemic like this.
Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants says, “Despite site visits far from the previous levels, the site-visit-to-closure conversion rate has increased considerably as only serious buyers are venturing out, with casual window shoppers fairly dormant currently.” Where the conversion rates were lying somewhere between 4-5% earlier are now clocking in at 8-10%. In terms of the preferred budget range, homes priced between Rs 40 Lakh to Rs 1.25 Crore now attract a major chunk of the post-COVID-19 buyer enquiries.
Bhavesh Kothari, Founder & CEO of Property First, a property broking firm said, ”In the last three months, enquiries for larger homes have increased with property buyers scouting for 3BHK homes as against the previously-preferred 2 BHK apartments. ” The report also mentioned that in terms of property configurations, 2BHKs and 3BHKs are in highest demand.
Besides RTMI properties, under-construction homes with completion timelines between six months to one year are in high demand, provided the developers sweeten the deals. Properties priced between ₹60 lakh and ₹1.2 crore and of sizes 400-800 sq.ft carpet area are in high demand. Buyers aged 30-35 years currently living on rent have the highest purchase inclination.
There is great demand for under-construction projects as well because of the current rates. Gated communities with all amenities still have the highest draw. The question that’ll remain with us is if these rates will prevail Post- COVID19 period as well. Owing to the current market rates and the conversions, it is very much sure that the best projects are now available for a much cheaper rate due to the pandemic. If you are looking to make a safe investment for your future, take the right call while the time prevails.