Tag: NoBroker.com

News

NoBroker.com Survey: 73% of tenants in Delhi-NCR looking to buy a home in 2021

Dec 28, 2020 by Rekha Nair 0 Comments #Co-Founder & CBO, #NoBroker.com, #Saurabh Garg

NoBroker.com, the world’s largest ‘peer-to-peer’ real estate portal, has identified the residential property trends that dominated the post-pandemic market in its ‘India Real Estate Report 2020’. The report revealed that almost 73% tenants in Delhi are exploring to buy a house in 2021. However, this is still lower than the national everage of 82%. Buyers in Delhi-NCR were most keen on ready-to-move-in houses (67%) and resale houses (21%) while only 12% are looking at something under construction. The city also registered the maximum number of repeat buyers (33%) from a survey conducted across Bangalore, Mumbai, Pune, Chennai, Hyderabad and Delhi-NCR.

Besides these, the following are the major property purchase trends from Delhi-NCR in 2020 as observed by NoBroker.com in its latest report:

  • More than 58% buyers are millennials and this is a substantial jump from previous years. This is very encouraging news for the sector as this segment has in the past few years shied away from asset creation and relied on renting.
  • More than half (57%) preferred buying society flats over independent houses or plots. The backdrop of the pandemic has also boosted this preference since society living provides a safer and more convenient alternative. The increasing adoption of society management apps that double up as security providers, grocery stores, rent maintenance payment gateways, etc. contributed to this shift.
  • Nearly 65% of people in Delhi-NCR keep Vaastu considerations in mind while making the purchase. This percentage is a spike from the last year’s figure when only 38% of buyers considered Vaastu compliance.
  • Around one-third (32%) of the respondents have a budget of INR 80 lacs and above.
  • Dwarka, Rohini, Indirapuram, Sector-24 Gurgaon, and Shahdara rounded off the top buying localities in Delhi-NCR for the year 2020.
  • Average prices of 2 BHKs in the region have seen an overall depreciation by 0.75% in 2020

Top rental trends

  • Only 8% of the tenants relied on brokers while searching for property in 2020. A majority used either real estate websites (39%) or depended on friends/relatives (35%) to conduct the search.
  • Security emerged as the most important amenity for 81% of tenants in Delhi-NCR, which is the highest compared with other cities. Tenants from the region also showed the most reliance on visitor and society management apps at 24% as compared to other major Indian cities. In sync with this trend, the report found that 69% of tenants preferred society accommodation over independent floors or plots.
  • The use of digital payment tools reigned supreme amid the pandemic. Nearly half (48%) of the tenants paid their rent through online channels or NoBroker Pay.
  • With the pandemic highlighting the value of owning a property as a physical asset 73% tenants said that they are exploring to buy a house in 2021. Beyond the security quotient, the drop in property prices, attractive discounts offered by builders, and the narrowing of the difference between rent amount and EMI amount amid the pandemic emerged as key factors.
  • The report identified Rohini, Sector-62 Noida, Sector-43 Gurgaon, Uttam Nagar, and Janakpuri as the most popular renting localities for 2020.

The human side of landlords

  • NoBroker.com also made an interesting observation about the behaviour of Indian landlords in the wake of the COVID-19 crisis. Of the surveyed landlords in Delhi-NCR, 59% mentioned that they waived off some rent during the lockdown for the benefit of their tenants.
  • When it came to hosting bachelors as tenants, landlords from Delhi-NCR showed the most flexibility among their counterparts from other surveyed cities, with 32% of them expressing their willingness to rent to bachelors.

Speaking on the latest findings, Saurabh Garg, Co-Founder & CBO, NoBroker.com, said, “The role of the pandemic in shaping most of the dominant real estate trends we observed in 2020 cannot be overstated. Pandemic-induced safety concerns are driving buyers as well as tenants towards opting for society accommodation, where new-age apps are elevating the residential experience. We anticipate this trend to continue for the foreseeable future. Further, far from subduing the purchase sentiment among Indian buyers, the viral outbreak has only served to strengthen it. This is especially true for the millennial customers who, in a shift away from the ‘never settle’ lifestyle, are realizing the value of owning property as an important physical asset that ensures financial security.”

By relying on consistent innovation, NoBroker.com has emerged as a domain leader in the Indian proptech space. It helped Indians in the Delhi-NCR region save more than INR 78 crore in brokerage this year and INR 1021 crore across cities. Underscoring its mission of providing its users with safe and convenient services, the platform has also introduced several related offerings. These include packers & movers, home loans, NoBroker Pay, rental agreements, home painting and cleaning services, and NoBrokerHood society management app, among others.

Business World

Pandemic increases demand in suburbs in Bangalore, Chennai, Hyderabad, Delhi-NCR, and Pune

Nov 18, 2020 by Gouri Achary 0 Comments #Bangalore, #Chennai, #Delhi-NCR, #Hyderabad, #NoBroker.com, #pandemic, #pune, #Saurabh Garg, #suburbs

Only a little while ago, potential homebuyers were researching best localities to buy a house near their workplace. Data from India’s leading real estate platform, NoBroker.com, shows how it has all changed since the onset of the pandemic. Earlier, proximity to workplace took the topmost spot among homebuyers’ considerations. But ever since the Covid-19 outbreak triggered the new normal and work from home became the norm, the demand in areas other than the ones located near IT hubs has been increasing.

Over the last decade or so, the significance of “dream” in “dream house” had waned with people prioritising the area or the locality instead of the size and even the quality of the unit. For instance, in cities such as Bangalore, Hyderabad, and Chennai that are notorious for their traffic, homebuyers have traditionally preferred staying close to their office to save commute time, often at the cost of their lifestyle-related preferences. But all that is changing for the better.

In the wake of the pandemic, many companies have mentioned that their employees would continue to work from home until June 2021. Consequently, homebuyers are looking to buy properties that are not only more spacious but also located in less populated areas, irrespective of their distance from the workplace. This trend is reflected in the fact that in Bangalore, localities such as Whitefield, Marathahalli, HSR Layout, and Electronic city which were high in demand pre-Covid have experienced a decrease. Conversely, new localities that are attracting greater interest from homebuyers post-May 2020 include Horamavu (32%), Yelahanka (56%), RT Nagar (42%), and Hebbal (36%). Currently, space is a bigger concern for working-class couples as they need a home that can accommodate two workstations along with a study room for kids. The prices in areas that are not strategically located around IT hubs are more affordable and living conditions are better as they experience less traffic. The NoBroker portal has registered a growing demand for bigger houses like 3 and 4 BHKs.

A similar pattern is being observed in Chennai as well. The platform has received more queries for localities such as Ambattur (46%), Perambur (105%), Kolathur (77%), Mylapore (31%) and Valasaravakkam (26%) in Chennai. Only a few months ago, the more popular and in-demand areas were Velachery, Madipakkam, Pallikaranai, Porur, and Choolaimedu. The data at the platform also indicated a similar trend in Hyderabad where areas such as Malkajgiri (26%), Kothapet (18%), Nagole (19%), Toli Chowki (9%) and Ramachandra Puram (12%) are more in demand than ever before.

People are prioritizing better lifestyle over staying closer to work. The benefits of this development are many. It would help reduce stress from popular areas and distribute the population more evenly for better management of resources. Further, this trend might even be the representative of a larger, nationwide sentiment because the platform has found this trend to be dominant in Delhi-NCR and Pune as well. In Delhi-NCR, some of the regions that are experiencing a spike in demand in the post-pandemic landscape include Rohini (126%), Dwarka (73%), Vaishali (69%), Okhla (53%), and Indirapuram (53%). In Pune, the regions that homebuyers are showing keener interest in include Baner (28%), Ambegaon BK (16%), Wadgaon Sheri (31%), Hinjewadi (68%), and Wagholi (25%).

Saurabh Garg, Co-founder and Chief Business Officer of NoBroker.com said, “The work from a home culture has helped demand spread more evenly across the cities of Bangalore, Chennai and Hyderabad and suburbs are seeing a surge in demand. This is a good change as it has helped price correction in a couple of localities and people do not have to compromise on space, size and locality in order to stay close to their workplace. It gives builders also a good opportunity to build and develop more areas and not fixate on areas around IT hubs only. But the key thing is that this change is bringing people closer to buying a house. They can buy with the available corpus instead of compromising on lifestyle to save up to buy in high demand areas. The pandemic has given people an understanding that the satisfaction that comes from owning a house is equal to none other.”

Even after offices open by next year, many employees will continue to work from home. Work from home has proven beneficial for both employees as well as organizations. Amid the crisis, many big companies have come to grips with the benefits of the work from a home model of continuing business as usual. Not only does it affect employee productivity, but also helps the firms in cutting down on costs that they incur when offices operate in full capacity.

The best takeaway is that people are closer than ever to consider taking the plunge of buying a house. This is a good thing for the sector that has been battling a slump for a few years now.