Mumbai homebuyers are confident of making a property purchase this festive season – says Makaan.com survey
Makaan.com, India’s fastest growing 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 encapsulates expectations of property seekers in relation to what developers have to offer this festive season. Through this survey the portal aims at gauging the actual trends that will be prevalent in real estate sector, this festive season.
When it comes to Mumbai the survey throws the following key findings:
- Buyer’s confident, developers expectant - With 73% property seekers ready to make a property purchase this year, Mumbai homebuyers are appearing more confident. On the same hand 42% of developers from the city are expecting a 5-10% jump in number of property transactions this festive season.
- Buyers & Developers from Mumbai in chorus over freebies: According to the survey results, overwhelming 80% property seekers from the city are looking forward to freebies this festive season, echoing the same trend 54% developers have confirmed that they are offering freebies on their projects, this year.
- Cash Discounts most desired by Mumbai homebuyers, developers differ in opinion: Across the range of freebies being offered this season, majority (45%) of buyers from the city prefer availing cash discounts as a perk on property. On the contrary, 45% developers from Mumbai feel that fully furnished homes would help in attracting maximum buyers.
- Mumbaikars are practical homebuyers: Property seekers from the city are more realistic, as for majority (41%) buying a home around the festive season means choosing from multiple property options. 25% 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 continues to be the preference for Mumbai homebuyer, 38% are open to invest with a moderately known developer as long as they get a ready to move in home. On the contrary, 31 % 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 says, “Starting Diwali, the real estate market in India traditionally experiences a surge in both property buying and selling. 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 for this festive season and it’s heartening to know that both are very much in sync with each other and are echoing positive sentiments”.