Ready-To-Move-In Residential Demand Outstrips Under-Const Projects
Amid escalating housing prices and increasing home loan rates over the past year, prospective homebuyers are seeking tax incentives and flexible payment plans. They are also inclined towards additional perks offered by developers, according to a survey conducted by Housing.com, in collaboration with real estate industry body NAREDCO. The demand for ready-to-move-in residential properties outstrips that for under-construction projects. Housing.com and NAREDCO released their latest survey report, "Residential Realty Consumer Sentiment Outlook H2 2023 – Trends and Insights,". The online survey engaged over a thousand potential homebuyers and was conducted between January and June 2023. According to the survey, 48% of respondents favour real estate investment, significantly outperforming other asset classes such as stocks, fixed deposits, and gold. The data indicates that 18% prefer the stock market, 19% opt for fixed deposits, and 15% choose gold. Tax incentives, such as stamp duty and GST waivers, along with flexible payment plans, are identified as the primary motivators for homebuying in the upcoming six months, according to the report. The survey also indicates that ready-to-move-in homes and gated communities are the most desired property types. Additional perks like modular kitchens and custom woodwork are influential factors for buyers during their decision-making process. Personalized assistance post-property shortlisting is deemed crucial for prospective homebuyers in closing their purchases, adds the Housing.com & NAREDCO survey.
Tags : housing prices home loan rates homebuyers tax incentives payment plans developers NAREDCO residential properties collaboration real estate industry Housing.com