[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Bengaluru sees biggest rise in enquiries at 70%, followed by Gurugram at 65%. Conversion
of site visits to sales also improves
India’s residential real estate segment is witnessing a decisive return of serious enquiries,
which are now at 50 per cent of pre-Covid-19 levels in major cities.
“Recovery is fastest in Bengaluru, where current enquiries have reached 70 per cent of the
January-February period, followed by Gurugram at nearly 65 per cent,” said Prashant Thakur,
Director & Head – Research, Anarock Property Consultants.
He further said that though “site visits are far from the previous levels, the site-visit-to-closure
conversion rate has increased considerably as only serious buyers are venturing out, with
casual window shoppers fairly dormant now. Hyderabad now sees an average of 15 per
cent site visits converting to sales, against 8 per cent in the pre-Covid-19 period. Gurgaon,
with just 4-5 per cent conversions earlier, is now clocking in at 8-10 per cent. Other cities
report similar trends.”
Notable city-specific trends
Bengaluru: In the last three months, enquiries for larger homes have increased up to 40 per
cent with property seekers predominantly scouting for 3 BHKs (average 1,800 square feet
built-up area) as against the previously-preferred 2 BHKs. The current buyers are largely
working couples with children, who are now chosen the the WFH and e-learning options.
Most of these buyers will settle for peripheral locations to secure bigger homes and a better
lifestyle at more affordable prices.
Most buyers prefer gated communities with all amenities. East and South Bengaluru areas
are seeing rising enquiries for properties of 1,800-2,500 sq.ft built-up area, led by IT
professionals and business owners looking for larger spaces.
Gurgaon: Property enquiries are now at 65 per cent of pre-Covid levels. Site visits are back to
pre-Covid levels with a sharp increase in conversion ratios — from nearly 5 per cent earlier
to 10 per cent now. Maximum enquiries are for properties priced between ₹75 lakh and
₹₹1.25 crore of sizes 1,400-1,600 sq.ft built-up area, largely from end-users. Affordable
properties are also seeing some traction — 30 per cent demand for affordable housing is
from investors, and 70 per cent from end-users. There’s high demand for 2 BHKs and 3 BHKs
in full-fledged housing societies.
Read more at: https://www.thehindubusinessline.com/economy/enquiries-for-residential-property-rise-now-at-50-of-pre-covid-19-levels/article32293800.ece
Have a nice day