41% of respondents believe the outlook for Indian real estate is moderate – 360 Realtors’ Survey | AFN News
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41% of respondents believe the outlook for Indian real estate is moderate – 360 Realtors’s survey
Posted on October 1, 2021
Indian real estate is on the verge of recovery, as the 360 Realtors survey suggests. The survey reveals that 41% of those polled believe in moderate prospects for the industry. 19.4% of those polled suggested promising prospects for Indian real estate. While 7.7% and 14.3% suggested poor and very bad prospects, respectively.
360 Realtors, which is one of the nation’s largest Institutional Distribution Partners (ICP), conducted a consumer sentiment survey of 1,200 knowledgeable and potential buyers to gauge the market’s perspective on the opening of economy after lockout 2.0. The survey was carried out using an online questionnaire.
“The 360 Realtors Survey was conducted to understand how market sentiment, economic climate and policies will impact buying behavior in Indian real estate, both individually and jointly, in time to come. Indian real estate is currently at an important turning point. Following the setbacks caused during the 2nd containment, demand is on the rise again. This will surely pave the way for a faster recovery, “said Mr. Ankit Kansal, founder and CEO of 360 Realtors.
When asked about the preferred property option, 48.9% of respondents indicated apartments, followed by 25.6% who showed a preference for mapped development. This is a visible change in the market as more and more buyers now prefer secluded and spacious places to live. In addition, as the WFH modus operandi will continue for some time and education will primarily be done online, families now need larger spaces. This will lead to an upward spiral in demand for mapped out developments and townships in the suburbs.
About 42% of those surveyed suggested that they would likely buy a home in 12 months. ~ 35% responded otherwise. Almost 23% of those questioned expressed their indecision when faced with a purchase decision.
The survey also reinforced the importance of real estate as a prudent and risk averse investment tool. 58.5% of those questioned chose real estate as their mode of investment for the future. At a time when the fragility and fatigue of financial markets will persist, tangible assets like real estate will be an option of choice for investors.
The 1,200 people interviewed were spread across India. 23% are based in Delhi-NCR while 19% are based in the Mumbai Metropolitan Area (MMR). Bangalore contributes 17% of respondents. Other cities include Pune, Chennai, Hyderabad, Kolkata, Patna, Lucknow, and Cochin.