Nearly 80 per cent of prospective home buyers prefer to purchase properties that are ready-to-move-in or nearing completion, while only around 20 per cent of customers want to buy newly launched flats, according to a survey conducted by CII and Anarock.
After pricing, the survey suggests that developer credibility, project design and location are the most important attributes while selecting a home.
Industry body CII and property consultant Anarock conducted an online survey during January-June this year with a sample size of 4,965 participants.
As per the survey findings, ready-to-move-in (completed) property continues to be the most preferred among the prospective buyers with 32 per cent in favour.
Around 24 per cent of respondents are willing to buy properties that will be ready within six months, while 23 per cent will not mind buying properties to be ready within a year. Only 21 per cent are now willing to purchase a newly launched property.
CII and Anarock said the COVID pandemic has altered homebuyers preferences significantly, with the second wave being a significant change catalyst.
"For the first time, affordable housing is the lowest priority, with more than 34 per cent respondent home seekers focused on properties priced between Rs 90 lakh to Rs 2.5 crore," Anarock said in a statement.
The survey shows that 35 per cent of respondents favoured properties priced between Rs 45-90 lakh, just 27 per cent of respondents voted for affordable housing (priced below Rs 45 lakh). In the previous H2 2020 survey, about 36 per cent of respondent property seekers eyed budget housing.
While attractive pricing continues to rule the roost of must-haves, established developer credibility is the second-highest priority for 77 per cent of the surveyed buyers.
Commenting on the report, Anarock Chairman Anuj Puri, who is also Chairman – CII Real Estate Knowledge Session, said: "The budget range which this survey identifies as the hottest seller is a surprise, but it makes sense if we consider that it is precisely this segment of buyers who are least financially impacted by the COVID-19 pandemic".
Online home sales are gaining traction, with close to 60 per cent of the entire property buying process now being conducted online - against 39 per cent in the pre-pandemic period, he added.
"From property search to documentation and legal advice to down payments, homebuyers are leveraging the new tidal wave of digital technology driving the Indian housing sector," Puri said.
He noted that only developers with sufficient online presence will remain relevant going forward. Social media are among the most effective property marketing platforms at this stage.
Among other findings of the survey, 71 per cent of respondent property seekers in the second wave are end-users, and only 29 per cent are investors. In the first wave period survey, investors accounted for 41 per cent.
About 64 per cent of prospective buyers are likely to respond favourably to offers and discounts during their online property search.
"Prevailing lowest-best home loan rates have been a major factor driving home sales despite the pandemic. At least 82 per cent of respondents consider low home loan rates as a major positive factor influencing their property purchase decision amid COVID-19," the report said.
