50% of people planning to buy homes expect price hike in coming months

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50% of people planning to buy homes expect price hike in coming months

Home buyers: Nearly 50 per cent of the people planning to buy a home are apprehensive of a rise in the prices of homes in view of the possibility of recovery of demand in the coming months. This estimate has been revealed in a joint survey conducted by housing.com and housing sector body Naredco, a portal that gives online information about house, shop, land. The survey has been conducted among over 1,000 participants planning to invest.

The demand for homes grew rapidly

According to this survey, 48 per cent of the participants feel that the prices of housing units are likely to rise in the coming months. Also, 58 percent of people planning to buy homes for their own use prefer ready-to-move units rather than under-construction projects. Dhruv Aggarwal, Group CEO, PropTiger.com and Makaan.com with Housing.com, said in a statement, “The demand for housing units has seen a sharp recovery after the second wave of the COVID-19 pandemic. The increase in housing prices has been registered due to rising cost, cost of construction material and strong demand.” The survey shows that around 47 per cent people prefer to invest in the real estate sector while 21 per cent in the stock market, 16 per cent in fixed deposits and 15 per cent in gold.

flat prices increased

Several real estate companies listed on the stock exchanges have said their flat prices have gone up in the past one year due to rising construction costs and increasing their profit margins. Aggarwal expects that housing demand may remain strong in the coming quarters due to pick-up in demand for housing units during the festive season and pick-up in consumer sentiment. Rajan Bandelkar, President, NAREDCO said that despite the concerns arising out of rising housing loan rates, residential markets across the country are expected to maintain an uptrend.

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