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BusinessAffordable housing lowest priority for home seekers: CII-Anarock survey

Affordable housing lowest priority for home seekers: CII-Anarock survey

Published: 3rd Sep 2021 5:49 pm

Hyderabad: Contrary to popular belief, the latest CII-Anarock Consumer Sentiment Survey shows that over 69 per cent home seekers favour properties above Rs 45 lakh price range.

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For the first time, affordable housing is the lowest priority, with 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 lakh and 90 lakh. Just 27 per cent respondents voted in favour of affordable housing (priced below Rs 45 lakh).

In the previous H2 2020 survey, approximately 36 per cent respondent property seekers eyed budget housing.

Anuj Puri, chairman, CII Real Estate Knowledge Session & chairman, Anarock Group, said, “The budget range which this survey identifies as the hottest seller is a surprise, but it makes sense if we consider that it is precisely this segment of buyers who are least financially impacted by the Covid-19 pandemic. Online home sales are gaining traction, with close to 60 per cent of the entire property buying process now being conducted online – against 39 per cent in the pre-pandemic period.”

“From property search to documentation and legal advice to down payments, homebuyers are leveraging the new tidal wave of digital technology driving the Indian housing sector,” Puri added.

Approximately 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 currently working remotely now prefer larger homes, and approximately 68 per cent aim to relocate to peripheral or suburban areas to buy them.

The survey conducted between January and June 2021, polled 4,965 participants across India, responding via various digital platforms. NRI participants in the survey primarily prefer luxury properties priced between Rs 1.5-2.5 crore.

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