Edited by: Muhammad Harris
Last updated: March 01, 2023, 4:34 PM IST
According to a survey by BASIC Home Loan, nine out of ten people would rather buy a ready-to-move-in home than spend money on a home under construction. It said there was a big jump in terms of people looking to buy a home for the first time in 2022, with the number rising from 41 per cent in 2021 to 75 per cent this year.
The second edition of BASIC Home Loan Annual Survey of Homebuyer Sentiment collected responses from more than 1,200 participants. Collecting responses from people in rural and urban cities across India, the survey collected data from more than 30 cities such as Delhi, Mumbai, Hyderabad, Bengaluru, Jaipur, Kanpur, Lucknow, Indore, Bhopal, Ahmedabad and Surat, among others.
“There was a big jump in terms of people looking to buy a home for the first time in 2022, the number jumped from 41 percent in 2021 to 75 percent this year in the survey results. The increase in new home buyers can be attributed to multiple factors, including record-low interest rates in the first half of 2022, younger people leaving their parents’ homes to create their own nest, the growth of remote work, and greater buying activity overall in the single-family and affordable housing market,” BASIC Home Loan said in a statement.
It added that younger people buying homes early in their careers are driven by those looking for a safe and stable form of investment, as well as the opportunity to start a family and long-term financial stability. to create and achieve. Growing disposable income of individuals is also an important factor, enabling more people to buy homes and begin their homeownership journey.
“As COVID-19 restrictions ease in 2022 and the hybrid working model becomes the norm, 70 percent of respondents said they preferred to live near essential services and amenities such as healthcare facilities, schools and markets. While 58 percent of respondents preferred a home in the heart of the city in 2021, that number will rise to 68 percent in 2022.
According to the survey, sentiment among homebuyers has dropped significantly when it comes to looking for real estate in the city’s suburbs. Only 20 percent of respondents wanted to make a nest far from the city, compared to 32 percent last year.
Atul Monga, founder and chief executive officer of BASIC Home Loan, said: “Until last year, when companies asked employees to work from home during the pandemic to ensure their safety and comply with social distancing and self-quarantine measures. However, by 2022, a significant percentage of people were working from offices or in hybrid mode. Even techies who previously demanded purely remote roles are now becoming more flexible to the idea of hybrid work roles given the changing economic scenario. These trends are quite visible this year in home buyer sentiment in our research.”
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