Ready-to-move-in homes dominate buyer preference; Bengaluru, Gurgaon, Hyderabad, Kolkata and Noida see increased enquiries for 3/4BHKs.
Employees from IT/ITeS, pharma, manufacturing industries and government employees are currently driving sales in the real estate sector which is witnessing housing enquiries at almost 50 percent of pre-COVID levels, an analysis by Anarock has revealed.
Recovery is fastest in Bengaluru, where current enquiries have reached 70 percent of the January-February period, followed by Gurugram with nearly 65 percent.
“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.
"Hyderabad now sees an average of 15 percent site visits converting to sales, against 8 percent in the pre-COVID-19 period. Gurgaon, with just 4-5 percent conversions earlier, is now clocking in at 8-10 percent. Other cities report similar trends,” said Prashant Thakur, director and head – Research, ANAROCK Property Consultants.
In terms of the preferred budget range, homes priced between Rs 40 lakh and Rs 1.25 crore now attract a major chunk of the post-COVID-19 buyer enquiries. Bengaluru, Chennai, Ghaziabad and Noida are seeing maximum traction for homes in the under Rs 1 crore budget.
Gurgaon is seeing maximum enquiries for properties priced from Rs 75 lakh to Rs 1.25 crore, for flat sizes 1,400-1,600 sq. ft. built-up area.
MMR is witnessing enquiries for homes priced between Rs 60 lakh and Rs 1.2 crore, for property sizes in the range of 400-800 sq. ft. carpet area.
In terms of property configurations, 2BHKs and 3BHKs are in high demand. While buyers in Bengaluru, Gurgaon, Hyderabad, Kolkata and Noida are more inclined towards 3BHKs and upwards, MMR sees a higher preference for 2 BHKs over the previous 1BHK.