The love for ready-to-move-in homes is going up says Basic Home Loan Survey

• 75% of people looked to become first time home buyers in 2022, compared to 41% in 2021.
  
• 68% respondents preferred a house in the heart of the city in 2022, up from 58% in 2021.
  
• Nearly 40% of respondents sought 3BHK apartments, as compared to just 11% looking to own a 1 BHK apartment.

Nine out of ten people prefer buying a ready-to-move-in house, than putting money in an under-construction property, according to the Basic Home Loan Annual Survey of Homebuyer Sentiment.

The annual survey aims to understand people’s preference in housing, with 1,200 responses across Delhi, Mumbai, Hyderabad, Bangalore, Jaipur, Kanpur, Lucknow, Indore, Bhopal, Ahmedabad, Surat, among others.

There was also a big jump in terms of people looking to become first-time homebuyers in 2022. The number went up from 41% in 2021 to 75%.

Young people want secure investments

The surge in first-time home buyers can be attributed to multiple factors including record-low interest rates in the first half of 2022, younger people moving out of their parent’s home to create a nest of their own, the growth in remote work opportunities, and greater buying activity in the single-family and affordable housing market.

The survey also revealed that younger people buying a home early in their career has been driven by people looking for a secure and stable form of investment, as well as for the opportunity to start a family and create and attain long-term financial stability.

“Growing disposable income among individuals is also a major contributing factor, allowing more people to buy homes and begin their journeys as homeowners,” the survey said.

Homes@the heart of the city

With 2022 easing Covid-19 restrictions and hybrid work model becoming the norm, 70% respondents said they prefer owning a house in proximity to healthcare facilities, schools and markets.

While 58% respondents preferred a house in the heart of the city in 2021, the number has increased to 68% in 2022. A recent survey conducted by property consultants CBRE also revealed that 75% respondents preferred a one-way commute time of not more than 30 minutes and most of them prefer to live around city centres.

According to the Basic survey, there has been a significant drop in the homebuyer sentiment, when it comes to seeking property in the outskirts of the city. There were only 20% of respondents who wanted to create a nest far from the city, compared to 32% last year.

“2022 saw a significant percentage of people working from offices or in hybrid mode. Even techies who were earlier demanding purely remote roles, are now becoming more flexible to the idea of hybrid work roles, given the changing economic scenario. These trends are fairly visible in the homebuyer’s sentiment this year in our survey,” said Atul Monga, founder and chief executive of BASIC Home Loan.

With modern workplaces focused on providing flexibility, superior experiences and an enabling environment for their employees, online and hybrid work models became a norm this year.

The trend was evident in homebuyers preference for larger spaces that can be used for their work requirements. Nearly 40% of respondents sought 3BHK apartments, as compared to just 11% looking to own a 1BHK apartment.

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