Housing Enquiries Touch 50% Of Pre – COVID-19 Levels In Tier 1 Cities, Bengaluru Leads The Way

India’s residential real estate segment is witnessing a decisive return of serious enquiries, which are now at 50% of pre-COVID-19 levels in the top cities l, said a recent Anarock research.

The Recovery is fastest in Bengaluru, where current enquiries have reached 70% of the January-February period, followed by Gurugram with nearly 65%, the report mentioned.

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants says, “Despite site visits 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 currently. Hyderabad now sees an average of 15% site visits converting to sales, against 8% in the pre-COVID-19 period. Gurgaon, with just 4-5% conversions earlier, is now clocking in at 8-10%. Other cities report similar trends.”

In terms of the preferred budget range, homes priced between Rs 40 Lakh to Rs 1.25 Crore now attract a major chunk of the post-COVID-19 buyer enquiries. Bengaluru, Chennai, Ghaziabad and Noida are seeing maximum traction for homes in the under-Rs 1 Crore budget.

”In the last three months, enquiries for larger homes have increased with property buyers scouting for 3BHK homes as against the previously-preferred 2 BHK apartments. There is also demand for villas, ” said Bhavesh Kothari, Founder & CEO of Property First, a luxury property broking firm.

Gurgaon is seeing maximum enquiries for properties priced from Rs 75 lakh to Rs 1.25 Crore, for flat sizes 1,400-1,600 sq. ft. built-up area. MMR is witnessing enquiries for homes priced within Rs 60 lakh to Rs 1.2 Crore, for property sizes between 400-800 sq. ft. carpet area.

The report mentioned that In terms of property configurations, 2BHKs and 3BHKs are in highest demand. While buyers in Bengaluru, Gurgaon, Hyderabad, Kolkata and Noida are more inclined towards 3BHKs and upwards, MMR sees a higher preference for 2 BHKs over the previous 1BHK.

(Source: Economic Times)