Homeownership A Necessity More Than A Luxury

By Author: Beegru
Total Articles: 5
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A recent online homebuyer preference survey conducted by JLL, covered over 2,500 prospective homebuyers from Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Hyderabad, Chennai and Pune.
Home Ownership has always topped the priority list of Indian Consumers. Come 2020, countries across the world are under attack from an invisible threat. Social Distancing translated to people spending months inside their homes. The pre-lockdown era had residents staying outdoors for a significant part of the day, but suddenly your “home” transformed into your whole world.
This resulted in people realizing the importance of home ownership rather than a rental home.
N number of surveys have been conducted to assess the sentiments of prospective homebuyers in cities like Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, and Pune, which helps in the formulation of emerging housing trends.
To Buy or Rent?
2,275 respondents voted in favour of owning a house when asked to choose between either buying or renting a place to live.
Necessity over Luxury
1,675 respondents agreed on home ownership being a “necessity” ...
... rather than a ”luxury”. Defining the emerging trend of dependence on real estate as a security asset.
The Millennial Way
Houses in the price bracket of Rs 50–75 lakhs are fast becoming the go-to choice of Millennial.
Homebuyers are willing to pay a premium for properties from developers with a track record, ready-to-move-in properties in gated societies and township projects.
Trust is the Key
Consumers prefer investing in properties of time-proven builders. Township projects and gated communities further adding to the trust factor score. Customers highly favour ready to move-in properties.
“Healthy living” is another critical aspect which home buyers are increasingly seeking in the wake of COVID-19 global pandemic, extra spacious living area and a dedicated work area are here to stay for a long time.
Delay in Transactions
Job insecurity, economic uncertainty and stock market volatility are the major contributing factors for customers delaying their property purchasing plans by at least 6 months.
According to JLL, COVID-19 is responsible for the emergence of various new trends in the market, digitization of the buying and selling process has initiated a domino effect leading to increased transparency in the sector. The significance of “owning” a home has been redefined with more and more people reviewing their necessities and siding away from unnecessary luxuries.
SOURCES :
● Babar, K. (2020, July 29). More consumers keen on home ownership over renting despite COVID-19 challenges: Survey. Retrieved August 17, 2020, from Link
● The option of allowing 100% FDI, Link