There has been a visible change that has been observed in the buying behaviour in the post pandemic period with buyers shifting focus from 1-2BHK to 2.5-3BHK properties owing to which the real estate developers have also evolved in order to offer a variety of options for the customers. Reduction in stamp duty and in ready reckoner rates along with decade-low home loan rates of 6.5 per cent, and reduction in premiums by 50 per cent in Mumbai has help boost the property market with a good build up in traction for 2021.
Builders sold 2,05,936 housing units for the full year 2021 as against 1,82,639 units in 2020 as per reports. This growth in sales was largely driven by India’s financial capital Mumbai, where a total of 58,556 homes were sold in 2021. Closely following the Maximum City was its neighbour Pune, where a 9% jump resulted in sale of 42,425 apartments last year, the report by the Gurgaon-headquartered real estate firm shows*.
The increased sales have led to significant lowering of the inventory burden for real estate developers with the current overhang being estimated to be 34 and 51 months for Pune and Mumbai respectively.
One of the most preferred payment schemes for buying a property, flexi-payment plan, is a mix of down payment and construction linked plan. The flexi-payment model helps save a lot of money at the time of booking. These Flexible payment plans continue to keep home buyers inclined towards under-construction homes, which have been highly preferred by buyers.
In a nutshell, with the change in preferences of the current buyer, one can assume that the inclination towards higher configuration home spaces complimenting work from home culture is the new trend which is well supported by property supply, lower interest rates and flexi payment plans.