Nearly 80 per cent of prospective home buyers prefer to purchase properties that are ready-to-move-in or nearing completion, while only around 20 per cent of customers want to buy newly launched flats, according to a survey conducted by CII and Anarock.
After pricing, the survey suggests that developer credibility, project design and location are the most important attributes while selecting a home.
Industry body CII and property consultant Anarock conducted an online survey during January-June this year with a sample size of 4,965 participants.
As per the survey findings, ready-to-move-in (completed) property continues to be the most preferred among the prospective buyers with 32 per cent in favour.
Around 24 per cent of respondents are willing to buy properties that will be ready within six months, while 23 per cent will not mind buying properties to be ready within a year.
Only 21 per cent are now willing to purchase a newly launched property.
CII and Anarock said the Covid pandemic has altered homebuyers preferences significantly, with the second wave being a significant change catalyst.
“For the first time, affordable housing is the lowest priority, with more than 34 per cent respondent home seekers focused on properties priced between `90 lakh to `2.5 crore,” Anarock said in a statement.
The survey shows that 35 per cent of respondents favoured properties priced between ` 45-90 lakh, just 27 per cent of respondents voted for affordable housing (priced below ` 45 lakh).
In the previous H2 2020 survey, about 36 per cent of respondent property seekers eyed budget housing.
While attractive pricing continues to rule the roost of must-haves, established developer credibility is the second-highest priority for 77 per cent of the surveyed buyers.