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WFH mode amid Covid 19 alters home-buyers’ preference

Home buyers alter preference amid Covid 19 pandemic

The Covid 19 pandemic has altered homebuyers preferences, with the second wave being a significant change catalyst, the CII-ANAROCK Consumer Sentiment Survey revealed.

For the first time, affordable housing found a low priority among home buyers. More than 34 per cent respondent home seekers focused on properties priced between Rs 90 lakh and Rs 2.5 crore. While 35 per cent favour properties priced between Rs 45-90 lakh, just 27 per cent respondents voted in favour of affordable housing which is priced less than Rs 45 lakh.

As many as 4,965 home seekers were surveyed between January and June 2021 through various digital platforms.

Also read: For sustained economic growth, India needs to aggressively vaccinate its people

In the second half of 2020, a survey showed that approximately 36 per cent respondent property seekers eyed budget housing.

“Online home sales are gaining traction, with close to 60% of the entire property buying process now being conducted online – against 39% in the pre-pandemic period,” Anuj Puri, Chairman, Chairman – CII Real Estate Knowledge Session and Chairman, Anarock Groupsaid in a statement.

Interestingly, the survey also showed that about 41 per cent participating property seekers are considering second homes for self-use, of which 53 per cent prefer mountainous regions. Amid the sustained work-from-home and e-schooling realities, over 65 per cent respondents are currently working remotely. They have shown a preference for larger homes while majority also aims to relocate to peripheral or suburban areas.