COVID-19 induced regime of remote work and schooling, spurred by stamp duty cut, developer discounts and a dip in housing loan rates, seem to be luring many to go for their own homes — at least in NCR cities. This inference can be drawn from the latest report by property consultants Anarock.
According to the pan-India housing sales report, in the nine months between July 2020 and March 2021, some 85% of home buyers in the NCR market were first-timers. And of the total housing sales of 21,750 units in NCR during these nine months, around 90% buyers were end-users and 10% investors.
Moreover, around 75% of luxury home buyers went for ready-to-move-in units, while in the affordable and mid-range segments, 60% of buyers in NCR cities preferred properties slated for completion in less than two years and 30% ready homes. Just 10% preferred properties requiring over two years to complete.
According to Anarock, all-time-best affordability — bottomed-out prices, stamp duty cut and low interest rates — attracted more first-time buyers to respond to the new pandemic-driven demand for home ownership.
Director of GLS group Surinder Singh said, “NCR — Gurgaon saw more first-time home buyers. People from Delhi, Faridabad, Noida and other NCR cities are also investing in affordable housing projects in Gurugram (Gurgaon) specially Sohna Road and Manesar side. He also said that during Covid19, people have realized that they can buy homes in outskirts with low population density. “All units in the recently launched Avenue 81 affordable project were sold out in a day and we are set to launch another project Avenue 86,” he said.