Flats unavailable in desired budgets

Rajan Bandelkar, President of Naredco

More interesting details revealed
in Naredco, Housing.com surveys
Increase in ‘let’s wait and see’ attitude
People are turning to gated communities
Ready to occupy houses most sought

There are numerous builders in Hyderabad constructing various apartments; however, 52 percent of the buyers are not finding projects with the desired facilities in the area they want within their budget. Hence, the buyers are adopting a wait-and-see attitude, according to the latest survey conducted by Naredco and Housing.com. It has been revealed that since most of the buyers are those who plan to set up permanent residences, they are giving high priority to living in ready-to-occupy gated communities. Let us delve into the more interesting details revealed during this…

The number of home buyers has increased significantly after COVID. The proof of this is the 15 percent increase in house sales in the first half of 2023. There is a possibility of increasing the sales of apartments if they are built in the desired area within the buyer’s budget. Currently, there are 9.44 lakh houses for sale in the eight major cities of the country. Only twenty percent of them are affordable structures. It is noteworthy that all the rest are projects that are under construction. Due to the lack of affordable housing projects in the suburbs, even if it is a challenging task to travel from there to the office, a large percentage of buyers are keen to buy houses in the main areas.

The residential market in India has faced many challenges. Developers not completing projects on time, litigation, and cheating made buyers lose confidence. Even though the RERA authority has provided an effective solution to such problems, some buyers are still hesitant to buy under-construction flats. Hence, about 59 percent of people prefer to buy completed apartments.

58 percent of first-time buyers prefer to buy new homes directly from developers. This is because builders have easy payment options. Special discounts are available. Moreover, you don’t have to pay the entire amount at once. Due to these factors, a large percentage of people do not show interest in buying resale properties on the market. Moreover, a large percentage of people are enthusiastic about buying in gated communities.

The mantra to impress…

The majority of homebuyers adopt a wait-and-see attitude. Also, the survey revealed that in order to attract such people and get them to buy the property, there should be an easy payment method. Along with this, the buyers want some exemption from the builder’s side in stamp duty reduction and GST.

Only then will the number of buyers increase!

The recent G20 summit had a positive impact on the economy. The confidence of home buyers has also improved. Policy-wise, real sector restructuring in India will take place through investments and sustainability considerations. Although the income outlook is somewhat subdued, about 48 percent prefer to invest in real estate. In the background of the increasing number of houses and interest rates, the number of people buying houses is likely to increase in the coming days if stamp duty and GST are reduced, says Rajan Bandelkar, President of Naredco.