Coronavirus impact: Third of prospective homebuyers put purchases on hold\, finds survey
Like other sectors adversely affected by the pandemic, real estate too is finding the going tough. A third of prospective homebuyers have put their purchases on hold, claims a MagicBricks survey.
Home buying plans are being put on hold 1 in 3 respondents either putting home buying plans on hold or abandoning plans altogether Buying intent temporarily hit in tier 1 cities Expected delays in home purchase People want to spend less on buying property 3 out of 4 respondents want to decrease their budget for buying a home End users likely to return first Investors more likely to defer buying plans Buying timeline shifting by months 52% buyers want to postpone buying plans Pre-COVID 56% had either shortlisted or were actively looking to buy property in less than 6 months.
Post COVID Among those who identified property and were planning to buy within 0-3 months Key factors in property buying decision Price most critical as we enter phase of cautious spending
Obstacles in the way of buying property in post-Covid world
Price uncertainty
Timely handover of project
Visiting property sites
Getting loans
Registry and documentation
Buyers are uncertain about prices across cities Unease highest in NCR and Mumbai, the two places badly hit by the pandemic; Percentage of respondents feeling uncertain
Delhi NCR: 57%
Mumbai: 52%
Kolkata: 50%
Hyderabad: 50%
Bengaluru: 49%
Ahmedabad: 48%
Pune: 47%
Chennai: 45%
What are buyers looking for? Buyers have multiple expectations from developers.
Lower prices
Relaxed terms for down payments
Woodwork and kitchen fittings
Minimal property visits
Online paperwork
Online registry
Discounts an immediate trigger for buying In a post-Covid world, discounts could lure buyers into immediate purchase Source: Magicbricks Property Buyer Sentiment Survey. The study was conducted with 1,900 respondents.
