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Uptick In Demand For 3BHK As Investment In Property Becomes Preferred Option, Survey Finds
NoBroker real-estate report 2021: Decoding Indian rental trends and buyers habits. Ready-to-move is the most preferred option with 78% of potential buyers voting in favor.
New Delhi: NoBroker is India’s leading zero-brokerage real estate platform which is a one stop shop for all property related needs. This year’s report from NoBroker will show you how the year 2021 changed the way Indians buy, sell, and rent homes, and what remains the same. The insights were derived based on a survey conducted with over 21,000 customers across Delhi-NCR, Bengaluru, Mumbai, Pune, Chennai, and Hyderabad, as well as with data that was captured from the search and transaction behaviour of more than 16 million customers on NoBroker.
The report gives a good preview of the performance of Indian real estate in 2021 at large along with a close-up into customer behaviour.
Top insights from the report are mentioned below:
Best time to buy- Continuing the last years trend, 84% of respondents have said its a good time to buy a property. 76% of respondents have stated that they are looking to buy a property in 2022.
Decline in interest for broker services- Over the years the NoBroker survey has observed a steady decline in broker services. Only 13% people mentioned that they still use broker services.
Distance from workplace still matters- A lot of people are already habituated to working from home but surprisingly somehow, the survey saw a huge percentage (80%) of tenants still preferring to stay close to workplace. 78% of buyers are looking to buy a house within the city.
Video walkthroughs of properties- 77% of tenants this year have said that they feel that video tours are a great way to see properties.
Bigger Buying Budgets- People’s budget for buying has also increased. Last year, the survey suggested that 11% people were looking to buy a house over INR 1 crore. This year observed a further spike of 4% taking it to 15%. With a lot of expense that is usually kept aside for vacations and lifestyle being saved due to the pandemic and lower EMI due to low interest rate, it makes a lot of sense.
Property investment is the most preferred option- The survey suggested that property is the most popular option for 76% of people. SIP/stocks and gold were distant second and third. It says a lot about the sentiment and the security that owning a physical object such as a house gives you.
Tenant preferences from the report
Ready-to-move vs under-construction- Ready-to-move is the most preferred option with 78% of potential buyers voting in favor. Delayed constructions and possessions have added fuel to this trend. Highest percentage of buyer respondents from Delhi-NCR (88%) have voted for ready-to-move in properties followed by Mumbai (81%), Bangalore (80%), Pune (77%), Chennai (71%), and Hyderabad (69%).
BHK Preference– There is further uptick in people looking for 3 BHKs (33% this year compared with 29% last year).We can safely say that if work from home becoms a norm, demand for 3BHKs is slated to increase. 2BHK continues to be the most in demand unit size opted by 37% people from across cities. Last year’s survey observed 48% of people looking to purchase a 2BHK.
City vs Suburbs- 77% of people are looking for a property in city region while 23% are looking for a property in suburbs. Suburbs offer more spacious properties in lesser budgets and due to work from home and hybrid work culture, they had become very popular recently.
Key considerations for buying- Budget obviously is the key consideration for the greater majority. Other top considerations include water supply (39%), public transport connectivity (38%), performance of a locality (37%), distance from workplace (36%), size of the apartment (33%) and amenities (30%).
Most preferred amenities-Water supply (75%) and security(68%) were chosen by the majority of tenants.
Vaastu-wise- 55% of tenants said that they check Vaastu of a house before renting. Hyderabad has brow raising 81% of tenants who check Vaastu before moving in while Delhi-NCR has maximum number of Vaastu agnostic tenants (60%).
Fully-furnished, semi-furnished, unfurnished- 58% of tenants prefer a semi-furnished accommodation while 21% prefer unfurnished and fully furnished each.