QuikrHomes, leading digital real estate business released a comprehensive report that captures consumer sentiments for the year 2018, at the backdrop of its first edition of QuikrHomes Realty Awards. The report was conceptualized to understand consumer sentiments post regulatory changes in the real estate and what it means to the industry in 2018.
Interesting trends from the report:
- Real estate remains the best asset class for investment across metros & tier II cities
- Owning a house is still desirable
- Apartments are the most desirable type of property
- Affordable homes are more popular and in demand
The QuikrHomes consumer survey report provides insights about the future of home buying and is based on a survey that was conducted among 1500 participants across Delhi, Kolkata, Mumbai, Pune, Hyderabad, Chennai and Bangalore. The report enables one to understand the expectations, interests of property buyers from consumer demand perspective and highlights the key drivers that will shape the realty sector in 2018.
Online property portals are gaining popularity amongst buyers with at least 60% participants opting for them across metros and tier-II cities. Over the last few years, online property portals have evolved to provide a data-backed analysis of wide range of properties with minute details thus emerging as a one-stop destination for not only buying property, but also offering advice on finance and preparation of rent agreements.
Other insights that the survey threw up were 41% of the respondents still not being aware of RERA and its impact completely; 19% of the total respondents willing to invest in tier-II cities across India and a staggering 80% of respondents showing inclination towards buying property for self-use. This was especially seen among first time buyers.
Mr. Sonu Abhinandan Kumar, VP and Business Head QuikrHomes said, “At present real estate industry is undergoing fundamental transformation thus creating great opportunities for all industry stakeholders. As per the trend in our survey, 2018 can be the year of buying and selling property with 80% of the consumers looking to own a property this year. With greater transparency in the system, we believe this is also the best time for those looking to invest in a property market. We see that policy support such as the PMAY budget and the 7th pay commission terms will fulfill the demand for affordable housing.”
Talking about consumers’ preference towards real estate platforms for their house hunt, he further added that, “Photo galleries, street view, price & neighbourhood comparison, location benefits and facilities in and around the projects are freely available for consumers with a few clicks making it convenient for people to narrow their search.”