- Rise in demand for residential properties during festive season
- Buyer and investor sentiments stabilising after consecutive rate cuts by RBI
- Demand remains parallel for both under construction and Ready-to-Move properties
- Most interested buyers are between the age group of 30-45 years in Tier-I cities and 35-55 years in Tier-II cities
NEW DELHI, Oct. 22, 2019 /PRNewswire/ -- Clicbrics, India's leading technology platform empowering the real estate sector, has unveiled an exclusive Real Estate trend report basis the ongoing festive season across markets. According to the report, demand for Residential Properties has increased by 15-30% this festive season whereas there is a slight change in Commercial Property demand. The report further reveals that there is a stabilisation in buyer and investor sentiment, after the consecutive rate cuts by Reserve Bank of India in order to provide the much-needed stimulus to increase sales.
In Tier-I cities, property enquires have increased by 15-20% and nearly 70% of them are for Ready-to-Move in properties. Wherein for Tier-II cities, the demand for properties have increased by 20-30%. The mix is quite broad based, with 30-35% enquiries are for low rise apartments, 50% for plots and 15-20% are for High Rise apartments. However, in Tier-II cities, price is the prime factor instead of property status, regardless of Under Construction or Ready-to-Move in properties, both are in equal demand. Tier-II cities are faring better as the Cost of Ownership of plots or apartments is much cheaper than Tier-I. Tier-II cities are also seeing better trends due to better affordability vs Tier I cities.
Speaking on market demand, Mr. Rohit Malik, Founder & CEO, Clicbrics, said: "The festive season has already begun, and India tends to invest in Real Estate during this season. It is the right time to buy homes, as developers across cities are encouraging homebuyers with lot of incentives, mainly in the form of cost reductions. The RBI has also announced a Repo rate cut recently wherein home loan rates are likely to fall by 25 basis points for a new borrower and EMIs are expected to decrease further. According to industry reports, for small-budget investors, developers are offering their current inventory at lower costs, with added benefits. Considering the current festive offers, folks should definitely invest in real estate now."
Amenities are generally known as the driving factors for any housing projects. According to this report, it has played an important role in grabbing the eyeballs of buyers apart from Size and Cost. Analysing the Tier-I market through Clicbrics in-app search engine, the company identified Swimming pool, Sport Zones and Clubhouse to be the most searched amenities by the buyers.
The report also revealed that the most interested buyers in Tier-I cities are from the Age group of 30-45 years, wherein 83% of them are male buyers and 17% are female (based on user login). However, in Tier-II cities, the Age group exceeds and happens to be 35-55 years, wherein 74% of them are male buyers and the rest 26% are female.
Comparing between the number of actual transactions closed and general queries, the report confirmed that the ratio is between 2 - 5% for every 100 leads, whereas 67 are genuine & interested customers and remaining 33 are customers with general queries. Nonetheless, 30% more transactions have closed during this festive season in comparison to non-festive season.
Gauging Non-Resident Indian (NRI) client demand, the report divulges that most of them are scouting for properties in Tier-I cities and choose to buy property with A class developers such as Hero, Godrej, Sobha and DLF. It also specifies that, though there are good number of enquires by NRI clients, genuine deals are getting closed only during holiday and festive season when they are actually visiting India.
Clicbrics is an online real estate marketplace for buyers across all segments. It is an AI driven real estate brokerage platform for India, conceptualized by a team from Real Estate, Technology and Capital Markets. From first time home buyers to buyers of properties across all categories, Clicbrics empowers the consumers with data and full knowledge of the properties which they want to call home. Clicbrics connects customers, brokers and developers within its technology platform, empowering each one of them to get the best service at the right cost. The company aims to streamline and harmonize the $4.5 billion real estate brokerage market in India with an Asset Light Model. Clicbrics team consists of professionals from all segments of real estate, e.g. online real estate, real estate private equity, developers and builders, as well as local experts from real estate brokerage and consultancy services. The team comprises of creative, curious and passionate people constantly striving to do things BETTER, QUICKER and SMARTER.