The result of a recent survey done on the Covid-19 Property Buyer Sentiment reports that people are looking to buy a property more than they were before the outbreak of corona in India.
No doubt that India’s real estate sector has been impacted deeply by the pandemic with consumers feeling uncertain of the situation, yet an impressive number of people are still planning to go ahead with their property investment plan.
The real estate sector surprisingly performed well in pandemic
Pandemic has been hard on all. It not only has created limitations but taught the importance of various aspects of life and owning a home being the primary importance. People who have been living in rental spaces have realised the most about having their own home and securing their lives.
Online search for homes grew more and more during the lockdown. Hence, another survey on online home search has found 82% of people being engaged in looking forward to buying a property. Surprisingly, the percentage has substantially increased than last year which had reached 64%.
Like many other sectors, real estate was taken aback for a while due to the pandemic. However, in the months that followed, it quickly adjusted and was back on track. Some of the steps that favoured the industry have been:
- Lockdown changed the lifestyle of many and enabled people to cut down on their expenses. They focused on savings and thereby managed to pay the down-payment amount for the property.
- Proactive government initiatives and funds to the real estate sector.
- The switch from physical to digital world with the help of technology in reaching customers.
- Builders offering discounts on the properties led to lower costs.
- Attractive festive offers.
- Low home loan rates also fuelled demand.
In the same survey, it has been observed that the majority of the home-seekers are looking for 2 BHK with a preference for the affordable segment. Among the various segments of people looking to buy residential properties, the millennial age group ranks on top.
Millennials are trending as consumers in real estate
Millennials are trending in real estate as they are the majority of consumers keen on buying properties. They are working adults who don't own homes. For better career opportunities, millennials mostly move to metro cities. They work and earn while living in rental accommodation.
At some point, they dream of buying a home, and the coronavirus pandemic seems to have triggered the need to do it as soon as possible. The pandemic is likely to permanently shape the financial priorities of this generation and consider real estate investment their top priority.
With attractive deals coming in their way and the ongoing crisis, millennials are looking for stability in their living arrangements and likely to wave goodbye to rental living.