51% of urban Indians say festival season is a good time to invest in property
Source: MoneyControl ( https://bit.ly/3EB6Jbn )
Around 51 percent of urban Indians think that the festival season, which typically runs from October to November, is a good time to invest in real estate, a survey has found, as developers ready offers to lure consumers.
About 35 percent of urban Indians aged between 25 and 44 plan to invest in real estate over the next six months. YouGov’s Diwali Spending Index, an indicator of spending propensity, also reveals a recovering appetite to spend during the festival season marked by Diwali.
These findings should offer some comfort, as Indians, hit hard by coronavirus and job losses as well as salary cuts that followed, have been watchful. As the virus fears ebb, vaccination picks up and the economy opens, businesses are hoping that the festival season will boost demand. For many, Diwali is a time for big-ticket purchases like homes, vehicles and jewellery.
Data shows that almost 51 percent of urban Indians agree that this is a good time to invest in real estate. Only 12 percent disagree, while 27 percent are undecided.
Men are most likely than women to say they will invest in property, the survey found. Residents of Tier I (39 percent) and II (38 percent) are more enthusiastic about buying property than those in Tier-3 cities (30 percent).
As many as 41 percent respondents were willing to go higher to Rs 50 lakh-Rs 1 crore segment. People living in North India (44 percent) and Tier-I cities (48 percent) are most likely to invest within this range. Only 9 percent of property-seekers are willing to go above ₹ 1 crore.
Family and friends continue to play a big role, as 48 percent of people relied on information provided by them to buy a property but technology is catching up as well. While 45 percent of the respondents got their information from the websites of real estate companies, 42 percent talked to local brokers or property agents.