Homebuyers back in realty market but plan to cut budgets by 10-30%: Survey

Online search for property is picking up around the country but buyers are not willing to spend too much, finds a Magicbricks survey. The Magicbricks Property Buyer’s Sentiment Survey 2nd Edition, was an online survey that was conducted from 20 June to 10 July and covered 3,045 participants.

The survey also found 73% of respondents say they will cut budget for property. And out of the total respondents seeking to cut budget, a substantial 56% were looking to reduce their budget by more than 20%.

Here are the other findings from the real estate survey.

93% respondents are planning to buy property compared to 67% in April 2020
87% would-be buyers want property to live in and only 13% are looking at it as investment.

The maximum budget reduction seems to be in Chennai, Hyderabad, Delhi NCR and Mumbai
Key deciding factors for homebuyers
Attractive deals and discounts
Price of the project
Availability of cheap loan
Timely completion
Job stability
Return on investment

Homebuyers planning to cut budget by 10-30%
73% of respondents say they will cut budget for property
24% will stick to their pre-Covid budget
3% will allocate more money to buy a home

Out of the total respondents seeking to cut budget, a substantial 56% were looking to reduce their budget by more than 20%. At the same time, 32% indicated that they are trying to cut their home buying budget by 11-20%. These budget cuts may lead to demand for smaller homes.

Buyers looking for bargains
About 60% of respondents say they would prefer to go with any developer who is offering economical options, regardless of the name or reputation of the developer.