Mon, 05 Jun 2023

Mumbai (Maharashtra) [India], June 1 (ANI): Nearly 90 per cent of housing sales in Delhi NCR region and Mumbai Metropolitan Region (MMR) during July 2020 to March 2021 were to end-users and the rest to investors, a new report by Anarock says.

The Delhi NCR region witnessed 21,750 units being sold in the period while the MMR saw sales totalling 47,140 units.

Bottomed-out prices, stamp duty cut and low interest rates also encouraged size upgrades (from 1BHKs to 2BHKs/3BHKs) in MMR. The report said all-time best affordability drew more first-time homebuyers in the NCR.

Amid the pandemic new normal with trends like work-from-home and e-schooling, 15 per cent of end-users in NCR upgraded to bigger property versus 65 per cent in MMR with average house sizes 950 square feet as compared to 1,250 square feet in NCR.

In NCR, 75 per cent of luxury homebuyers went for ready-to-move-in apartments. In affordable and mid-range segments, 60 per cent of NCR buyers preferred properties slated for completion in less than two years.

Niranjan Hiranandani, President of National Real Estate Development Council (NAREDCO), said the value of owning a home have augmented during Covid with the trend of 'renters' turning into first-time homebuyers.

"While the pandemic also saw investors preferring real estate over paper-based volatile asset classes, the actual home buying during the last year has largely been driven by end-users," he said.

Aditya Kushwaha, CEO and Director of Axis Ecorp, said many consumers are investing in a second home.

"They are not just looking for a feature-packed luxurious home. With focus shifting to health, they want to invest in a second home that takes them closer to nature and offers ample ventilation and sunlight," he said.

Vinit Dungarwal, Director at AMs Project Consultants, said the trend of work-from-home is here to stay and people are moving out to Mumbai outskirts with bigger accommodation.

"Even though the cut in stamp duty has not been extended in Maharashtra, we believe this trend will continue in 2021 as well," he said. (ANI)

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