Real estate markets of Bengaluru and Pune to recover fast post-COVID-19 reveals Magicbricks Consumer Survey
- Bengaluru and Pune witness least drop in home buying intentions due to the crisis
- Uncertainty among homebuyers in Delhi/NCR and Mumbai over prices
May 18, 2020: The outbreak of COVID-19 has impacted real estate activities across the country, however, it had the least impact on the home buyers’ sentiment in the markets of Bengaluru and Pune. Uncertainties around prices though remained among the home buyers in Delhi/NCR and Mumbai, revealed the latest Magicbricks COVID-19 Property Buyers Sentiment Survey.
Speaking on the consumer sentiment survey, Mr. SudhirPai, CEO, Magicbricks, said, “The the outbreak of COVID-19 and the resultant national lockdown has impacted India’s real estate market. However, our survey suggests that 67% of home buyers still want to go ahead and buy a property even though with a reduced budget. In the last 6 months, Bengaluru and Pune, which are driven by end-users, have been among the best performing real estate markets of India and market sentiments suggest that they would continue to be so. With consumer sentiments shifting to Ready-to-move-in properties, quick & enough supply there will be key to recovery.”
Eight TIER-I cities witnessed an average price decline of around 4% but most of the home buyers in Bengaluru, Ahmedabad, Pune, and Chennai seemed certain about the variation in the prices due to this crisis.
The survey also suggests that besides drop in prices, going ahead home buyers would also look for relaxed financial terms for down payments, woodwork and kitchen fittings that would minimize post-purchase efforts, minimal site visits through videos and photographs, online documentation, and online registry.
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