Starting Diwali, the real estate market in India traditionally experiences a surge in both, property buying and selling. Around this time real estate developers introduce the most attractive offers on their projects, for which property seekers keep a look out. To gauge the actual trends that will be prevalent this festive season, Makaan.com conducted a national survey for Metros and Tier II cities of India. Christened Festive Reality, the study analyses and highlights the expectations of property seekers visa-vis what developers have to offer this year. The survey saw participation from over 3800 property seekers and 312 leading national developers.
According to the survey results a vast majority of national property seekers are looking forward tofreebies and developers are more than glad to offer them. Nationally, whopping 80% homebuyers are looking forward to attractive offers this year. Singing the same tune, 64% national developers have confirmed that they are introducing perks on their projects. On the contrary, 12% buyers are less optimistic and are not expecting any free-bies. On the same hand 25% national realtors are not supplementing their projects with any such offers.
When compared city wise, both property seekers and developers are echoing the same trend. Amongst all cities, Pune tops the charts with 84% buyers looking forward for attractive offers. Mumbai and Delhi follow the city with 80% and 78% seekers expecting perks, respectively. With 80% each, realtors from Hyderabad and Pune have shown maximum inclination towards offering freebies this year.
Nationally, 72% seekers confirm, that they are likely to make a property purchase this season. On the contrary, 28% are either not sure or are not yet ready for a high value purchase like real estate. Developers across cities are expecting a jump in real estate transactions. 59% anticipate the market to boost between 5% and 20 %. Majority of developers in Metro cities are expecting a rise in property transactions this year. Amongst non-metro cities, Realtors from Pune and Ahmedabad are most optimistic and are anticipating a (10 % - 40 %) jump in real estate buying.
Amongst all freebies cash discounts are the most wanted. Nationally, 45 % buyers feel that proj ects/options tagged with cash discounts, would be their first preference. On the contrary, 19% are not interested in any kind of freebies, for them other factors like location etc matter more. For 15% parking facility and club membership along with the ideal house, is enough for closing a deal.
Another 14% would prefer fully furnished homes over any other freebie. Across cities, 59% realtors feel that cash discounts are the perfect freebie and can attract maximum property seekers. Another 13% feel that buyers give a higher preference to property options that are fully furnished. Keeping in mind the high cost of property acting as a deterrent in sales, developers are leaving no stone unturned to lure seekers. Unlike the previous times, they are offering exactly what the seekers are looking for. In the non-metro category, with 68%, seekers from Pune have shown the maximum inclination towards cash discounts. Interestingly the city also tops the charts (80 %) when it comes to realtors offering cash discounts as freebie.
Amongst metro cities, Delhi with 47% has the maximum number of buyers looking forward for cash discounts, this season. Mumbai and Bangalore follow the capital with 45% and 42% buyers respectively And in the developer category majority (55 %) of developers offering the same belong to Bangalore.
As compared to other metro cities, maximum realtors from Mumbai are planning to compliment their projects with home furnishings, while only 11% seekers from the city are looking for the same.
Today's homebuyers are a mixture of realism and mythical belief, while for majority investing during this period means choosing from a plethora of property options, for some it brings good fortune. 35% of the national seekers feel that investing around the festive season means choosing from multiple property options. A noteworthy 32 % think that this is an auspicious period to make a high value purchase like property. Another 18% are more optimistic, as they look forward to correction in realty prices. With companies offering bonuses, 15% confirm that there reason for buying a house around the period is due to availability of cash flow.
With 41 % each, seekers in Mumbai and Pune have emerged as the most rational across cities. As they believe that buying during festive season helps them in choosing from multiple options. Hyderabad, with 43%, tops the charts when it comes to seekers who consider buying property around this time as auspicious. Delhi and Bangalore follow this trend with 39% believers each.