Makaan.com, an online real estate portal by People Group has conducted a nationwide survey for Metros and Tier II cities of India. Christened – ‘Festive Reality’, the study encapsulated expectations of property seekers in relation to what developers have to offer during the festive season. Through this survey the portal aims at gauging the actual trends that will be prevalent in real estate sector, during this festive season.
The survey has found out that buyers are confident and ready to buy property this year and developers are expecting a jump in number of property transactions during this festive season. Second major trend which was observed in study was that the cash discounts were most lucrative perk to attract maximum property buyers.
The survey throws the following national findings:
- Buyer’s confident, developers expectant: With 72% property seekers ready to make a property purchase this year, homebuyers nationally appeared more confident. On the same hand 59% of developers across the country are expecting a 5%-20% jump in number of property transactions during this festive season.
- Buyers and Developers in chorus over freebies: According to the survey results, overwhelming 80% property seekers nationally are looking forward to freebies during this festive season, echoing the same trend 64% of national developers have confirmed that they are offering freebies on their projects, this year.
- Cash Discounts most desired by homebuyers, developers agree in opinion: Across the range of freebies being offered this season, majority (45%) of buyers nationwide preferred availing cash discounts as a perk on property. Similarly, 50% developers across cities felt cash discounts are most lucrative perk to attract maximum property buyers.
- Indians are practical homebuyers: Property seekers from the country are more realistic, as for majority (35%) buying a home around the festive season means choosing from multiple property options. 32% seekers are more superstitious and feel that buying property during the festive season is considered more fortunate.
- Limited Brand preferences: A ready to move in home continued to be the preference for homebuyer, with 39% of national seekers open to invest with a moderately known developer as long as they get a ready to move in home. On the contrary, 29% seekers want to be associated with a big banner developer, even if it means investing in a under construction project.
Commenting on the survey findings Aditya Verma- Business Head and Vice President, Makaan.com said, “The real estate market in India traditionally experiences a surge in both property buying and selling throughout festive season. While developers introduce the most attractive offers on their projects, property seekers keep a look out for them. Through the survey we have tried to match the real demand and supple scenario during this festive season and it’s heartening to know that both are very much in sync with each other and are echoing positive sentiments.”
Makaan.com conducted the study in leading Metros and Tier II cities of India, which was carried on the portal between Oct. 1, 2009 – Oct. 12, 2009 and saw participation from over 3,800 property seekers and 312 leading national developers. Maximum respondents who participated in the survey belonged to the age group of 26 – 35 years.
Makaan.com is an online real-estate service promoted by People Interactive; the consumer Internet division of the Anupam Mittal led People Group.