A survey conducted by real estate research firm, Jones Lang LaSalle in association with RoofandFloor, shows that 80% of prospective buyers are likely to make new home purchases within the next three months.
The survey titled ‘Homebuyer Preference Survey 2021: The COVID-19 Impact’ showed that 80% of homebuyers prefer properties in the sub ₹75 lakh category. This has not changed much over the course of the pandemic.
Prospective buyers are showing a greater willingness to relocate to suburban/peripheral markets in order to get larger homes while keeping the budget intact.
The survey also looked at the demand side and it was found that there was an increased demand for 3BHK (bedroom, hall, kitchen) apartments in Bengaluru, Chennai. Hyderabad and Delhi NCR regions. While buying, consumers kept in mind factors like additional room for work and online classes.
In Chennai, the preferred sub-markets are southern suburbs, which include GST Road, Adambakkam, Naganallur, Navalur, Chromepet and Medavakkam, and places in the western suburbs like Ambattur, Avadi, Porur and Mogappair.
Optimistic note
“With more than 80% of the prospective homebuyers expected to make a purchase in the next three months, the residential market is expected to get back on the recovery path and 2021 is likely to end on an optimistic note,” said Siva Krishnan, managing director, residential services, India, Jones Lang LaSalle.
Sriram Krishnaswamy, COO of RoofandFloor, said post ‘unlock 1.0’ of 2020, the uptick in residential sales was primarily driven by pent-up demand and the presence of ‘affordable synergy’ in the market.
However, sustained recovery in the next few quarters and the resilience shown during the second COVID-19 wave are indicative of a fundamental shift in the sentiment towards home ownership, he added.
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