Nine out of 10 people prefer buying a ready-to-move-in house, than putting money in an under-construction property, according to a survey by BASIC Home Loan. It said there was a big jump in terms of people looking to become first-time homebuyers in 2022, the number went up 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. The survey gathered responses from people across the rural and urban cities in India, and captured 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 become first-time homebuyers in 2022, the number went up from 41 per cent in 2021 to 75 per cent this year in the survey results. The surge in first-time homebuyers can be attributed to multiple factors including record-low interest rates in the first half of 2022, younger people moving out of their parent’s home to create a nest of their own, the growth in remote work opportunities, 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 a home early in their career has been driven by people looking for a secure and stable form of investment, as well as for the opportunity to start a family and create and attain long-term financial stability. The growing disposable income among individuals is also a major contributing factor, allowing more people to buy homes and begin their journeys as homeowners.
“With 2022 easing COVID-19 restrictions and hybrid work model becoming the norm, 70 per cent respondents said they preferred owning a house in close proximity to essential services and amenities such as healthcare facilities, schools and markets. While 58 per cent respondents preferred a house in the heart of the city in 2021, the number has increased to 68 per cent in 2022,” it said.
According to the Survey, there has been a significant drop in the homebuyer sentiment, when it comes to seeking property in the outskirts of the city. There were only 20 per cent of respondents who wanted to create a nest far from the city, compared to 32 per cent 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 the social distancing as well as self-quarantine measures. However, 2022 saw a significant percentage of people working from offices or in hybrid mode. Even techies who were earlier demanding purely remote roles, are now becoming more flexible to the idea of hybrid work roles, given the changing economic scenario. These trends are fairly visible in the homebuyer’s sentiment this year in our survey.”
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