In the next six months, around 35 percent of urban Indians between the age of 25 and 44 plan to invest in real estate. For many, Diwali is a time for big-ticket purchases like homes, vehicles, and jewelry.
A survey by YouGov has found that around 51 percent of urban Indians find the festival season a good time to invest in real estate. Festival season typically starts in October and ends in December and there are many amazing offers provided by developers for tempting the customers.
In the next six months, around 35 percent of urban Indians between the age of 25 and 44 plan to invest in real estate. For many, Diwali is a time for big-ticket purchases like homes, vehicles and jewelry. Economy hit hard by coronavirus, job losses as well as slow businesses is hoping that the festival season will boost demand.
Purchasing a house during Diwali is a good time for many Indians and this is also shown in data that almost 51 percent of urban Indians agree that this is a good time to invest in real estate. Disagreed once are only 12 percent and remaining one are undecided. The survey also found that men are more likely to say yes to the investment in property than women.
Residents of Tier I (39 percent) and II (38 percent) are more enthusiastic about buying property than those in Tier-3 cities (30 percent). While 72 percent of people looking to invest in real estate are planning to buy a residential property, 25 percent prefer commercial properties.
38 percent of the Indians will choose to finance their property through home loans and 30 percent would like to buy a house with the help of savings and 21 percent of the Indians will get their dream house by selling their old property. The encouraging part to explore real estate this season will be the availability of rooms at a record low interest rate. As many as 16 percent of the respondents said they would avail of a home loan this season as rates are low.
Due to the pandemic, approximately 19 percent want to buy a property this year as they could not do so before. Other justifications comprise good price (17 percent), the expectation to save and buy a residence in 2021 (17 percent) and the availability of reserves due to new financial gains (15 percent). Accessible properties under ₹50 lakh are extensively chosen, with 44 percent of people eyeing this section.
Earlier family and friends played a big role, as 48 percent of people depended on information shared by them to purchase a property but since technology is catching up now, there are other mediums to gather information as well. While 45 percent of the buyers got their information from the websites of real estate organizations, 42 percent communicated with local brokers or property dealers.