A remarkable trend has emerged among prospective home buyers, signaling a transformative shift in the real estate sector. Recently a report by NoBroker’s “Real Estate Report 2022” reveals an extraordinary 86 per cent of prospective home buyers are convinced that now is the opportune moment to invest in property. Bolstered by surging rent prices, this sentiment is expected to redefine the market, ushering in unprecedented business prospects, particularly in the mid-income housing segment.
On this trend, Mr. Ravi Aggarwal, Managing Director, Signature Global (India) Ltd. said “The pandemic has shown how important it is to have a safe place to live, which we call home. Owning a home has become even more valuable. We are happy to see a recent report from the industry that agrees with this idea. This report supports the idea that in India, it’s a tradition to have a home that belongs to you. At Signature Global, we have a strong commitment to a mission i.e. making sure every family can have their own home. We focus on making homes that are affordable, safe, and well-designed. We want to make it possible for individuals and families to achieve the dream of owning a home. We are excited about the opportunities that are coming our way. We are ready to work with people to make their dream of owning a home come true. We are excited about what the future holds. We want to change the way affordable and moderately priced homes are built and create a new way of living.”
The report’s findings indicate a seismic change in consumer attitudes, with 77 per cent of respondents expressing their intent to purchase property in 2023. The driving force behind this intention is the alarming rise in rental costs. As rental prices hit record highs, property ownership has become an appealing alternative, with 86 percent believing the time is ripe for real estate investment. Amid this shifting landscape, the real estate sector is poised to experience a significant transformation. This trend is anticipated to create a flurry of business opportunities, particularly in the mid-income housing segment. The report underscores that 38 per cent of potential buyers are motivated by owning a tangible asset, while 30 per cent seek security and 29 per cent prioritize affordability.
“With homebuyers’ confidence soaring to unprecedented heights, the landscape of residential real estate has not only regained its assurance but has also flourished remarkably in recent years. The Delhi-NCR region stands as a striking example, where prices have surged, reflecting both growth and boundless potential within the sector. This upward trajectory in prices finds its roots in a sturdy demand for housing, underscoring the undeniable charm of modern urban living. As we peer into the horizon of the residential real estate segment, its future gleams even brighter, powered by the forthcoming festivities that are poised to further ignite a fervor of positive sentiment across transactions.”- Mr. Santosh Agarwal, CFO and Executive Director, Alphacorp
The pandemic has further accentuated the desire for homeownership, aligning with traditional Indian values. This sentiment, coupled with escalating rent prices, is driving a surge in demand for property acquisition, paving the way for a dynamic shift in the real estate market. As the festive season approaches, all eyes are on the evolving landscape, poised to witness the profound impact of changing perspectives on the real estate sector. The surge in homebuyer confidence not only marks a transformative trend but also sets the stage for a new era of possibilities within the industry.