Mumbai, August 08, 2020: India’s residential real estate segment is witnessing a decisive return of serious enquiries, back up to 50% of pre-Covid-19 levels in top cities, states a report released by Anarock Property Consultants on Friday.
Recovery is the fastest in Bengaluru, where enquiries have currently reached 70% of the January-February period, followed by Gurugram at nearly 65%, it said.
In the Mumbai Metropolitan Region, July alone witnessed 40% of the sales of the April-June period, while site visits were back to nearly 50% of pre-Covid-19 levels towards July end. Here, potential clients are enquiring for 400-800 square feet carpet area homes priced between Rs 60 lakh and Rs 1.3 crore, said the report.
People aged 30-35 who live on rent most keen on buying
Under-construction homes with completion timelines between six months and one year are in high demand, provided developers sweeten the deals, it said. Buyers aged 30-35 years, currently living on rent, have the highest purchase inclination. Some buyers are upgrading from 1BHK to 2BHK according to the reports published in
timesofindia.indiatimes.com.
Prashant Thakur, director and head, research, ANAROCK, said: “Though site visits are far from the previous levels, the site visit-to-closure conversion rate has increased considerably as only serious buyers are venturing out, with casual window shoppers fairly dormant currently. Hyderabad now sees an average of 15% site visits converting to sales, against 8% in the pre-Covid-19 period. Gurugram, with just 4-5% conversions earlier is now clocking in at 8-10%. Other cities report similar trends.”
Bengaluru, Chennai, Ghaziabad and Noida are seeing maximum traction for homes in the under Rs 1 crore budget. Gurugram is seeing maximum enquiries for properties priced from Rs 75 lakh to Rs1.25 crore, for flat sizes 1,400-1,600 sq ft built-up area.
In terms of property configuration, 2BHKs and 3BHKs are in highest demand. While buyers in Bengaluru, Gurugram, Hyderabad, Kolkata and Noida are more inclined towards 3BHKs and upwards, MMR sees a higher preference for 2BHKs over the previous 1BHK, said the report.