Coronavirus impact: Third of prospective homebuyers put purchases on hold, finds survey
Almost every sector of the economy is impacted due to the coronavirus and the nationwide lockdown. A survey finds that 52% buyers want to postpone buying plans and that people want to spend less on buying property. Here are more findings from the ...
Updated:
Getty Images
In a post-Covid world, discounts could lure buyers into immediate purchase.
Like other sectors adversely affected by the pandemic, real estate too is finding the going tough. A third of prospective homebuyers have put their purchases on hold, claims a MagicBricks survey.
Home buying plans are being put on hold 1 in 3 respondents either putting home buying plans on hold or abandoning plans altogether
Buying intent temporarily hit in tier 1 cities Expected delays in home purchase People want to spend less on buying property 3 out of 4 respondents want to decrease their budget for buying a home End users likely to return first Investors more likely to defer buying plans Buying timeline shifting by months 52% buyers want to postpone buying plans Pre-COVID 56% had either shortlisted or were actively looking to buy property in less than 6 months.
ADVERTISEMENT
Post COVID Among those who identified property and were planning to buy within 0-3 months Key factors in property buying decision
ADVERTISEMENT
Price most critical as we enter phase of cautious spending
Obstacles in the way of buying property in post-Covid world
Price uncertainty
Timely handover of project
Visiting property sites
Getting loans
Registry and documentation
Buyers are uncertain about prices across cities Unease highest in NCR and Mumbai, the two places badly hit by the pandemic; Percentage of respondents feeling uncertain
What are buyers looking for? Buyers have multiple expectations from developers.
Lower prices
Relaxed terms for down payments
Woodwork and kitchen fittings
Minimal property visits
Online paperwork
Online registry
Discounts an immediate trigger for buying In a post-Covid world, discounts could lure buyers into immediate purchase Source: Magicbricks Property Buyer Sentiment Survey. The study was conducted with 1,900 respondents.
Homebuyer paid for a flat in a Delhi housing society in 2003, got delayed possession, sought compensation for delay; SC defends his right2026-06-27T10:26:29Z
