Green spaces, accessibility to good healthcare, and proximity to the workplace came up as the key features to influence the purchase of new homes
PUNE: Knight Frank India, a premier international real estate consultancy, in their latest survey “India Buyer Survey 2021– Living in the times of COVID 19” cited that 53% of respondents from Pune expect the value of their primary residence to increase by 1% – 9% in the next 12 months. Nearly 44% of the respondents in Pune are willing to relocate to another city. Nearly one out of two respondents expressed willingness to purchase a second home in the next 12 months.
With respect to home price trajectory; 53% of the city respondents expected the price of their current residence to increase by 1% – 9% in the next 12 months. This is a quantum shift towards optimistic sentimental value as 66% of the respondents indicated a decrease in their primary residence by up to 10% since the start of the pandemic.
SURVEY: Expected change in the value of primary residences in the next 12 months
On the aspect of relocation or moving to a new home, 31% of the respondents from Pune reported having relocated their residence since the start of the pandemic. It is further revealed 40% of the respondents who relocated have cited the need to stay near family and friends as the primary motivator for their decision. Contrary to the expression of moving to a new home in the same city from home buyers in most cities, 44% of the respondents of Pune indicated a willingness to consider relocating to another city in the next 12 months.
On the key reasons that will influence purchase decisions in the future, 28% of the city respondents opined business and employment as the main citation.
On the aspect of preferred location features that will influence purchase decisions in the future, 97% of the respondents reported larger green spaces as the primary feature to influence the purchase decision. Accessibility to good healthcare (95% of the respondents) was opined as the second most important feature and proximity to the workplace (92% of the respondents) resulted in as the third most important feature.
When enquired whether the impact of the pandemic influenced their decision for a second home, 48% expressed more likeability of purchasing a second home in the near future.
Rajani Sinha, Chief Economist, and National Director – Research, Knight Frank India said, “Factors such as home loan rates being all-time low and signs of economic revival have kept the homebuyers active in the market. Several developers have even absorbed the stamp duty and offered a discounted prices to ensure sales momentum. The residential prices in the city are expected to remain stable with an upward bias. There is also demand for greener homes and this brings an opportunity for the developers to launch energy-efficient residential inventory.”
The survey for India Buyer Survey 2021 was conducted with an objective to gauge the impact of the COVID-19 pandemic and the subsequent lockdown on residential segment consumers. Part I of the survey comprises of respondents from the high-end income segment, while Part II chiefly consists of respondents from the mid-end income segments. The inferences for the Pune market have been extrapolated chiefly from the mid-end income segment respondents.
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