Sunil Agrawal and Associates (SAA), real estate experts in Indore, conducted an online consumer sentiment survey to understand the real estate industry trends in the Indore market.
Over 1700 people participated in the survey, answering ten questions based on their preference, budget, location, and choice of property. The responses were recorded through an online form, and then the team at Sunil Agrawal and Associates (SAA) conglomerated the data and analyzed it.
The survey aimed to analyze the home buying preferences of prospective home buyers post-lockdown. The combined responses were considered the emerging trends in the Indore real estate market. The object served all stakeholders- consumers, developers, investors, sellers, and owners, including locals and expatriates with insight and perspective of the prospective homebuyer. The survey reflected a positive shift in the local real estate market.
“Post lockdown, there has been a positive shift in the real estate market trends in Indore, which has come with increased awareness about real-estate as not only end-use but for investment. Though the city is shifting towards normalcy in these unprecedented times, homebuyers have become more concerned with security and builder-to-consumer trust,” said Vipul Agrawal, Managing Director at Sunil Agrawal and Associates (SAA).
The survey showed that more than attractive deals and lucrative prices the builder-to-consumer trust was kept on a pedestal- around 44 percent of responders chose this. Another such attribute was a sense of security that came along with owning a physical asset. Not surprisingly! 62 percent said that security came from investing in real estate- rather than gold, stock markets, or fixed deposits.
Another aspect that the survey touched upon was the type of property, budget, and location. The data showed that responders were most interested in newly launched properties, followed by ready-to-move-in. This wasn’t the trend in the year 2020. At the same time, the investment budget shot up as compared to 2020, and the choice of property shifted to more than 3 BHK rather than smaller ones. People are ready to invest around 60 lakhs or more. While before this remained about 40 lakhs or less. The most preferred location was AB Bypass Road, followed by Vijay Nagar because of its convenience, new developments, connectivity, and comfort.
The major shift in property trends was how consumers prefer to interact with the property they plan to buy. A large number of people, around 73 percent chose an organized real estate service provider to proceed with real estate investment. “Real estate investment has taken a new shape and touched new growth rates, making it a win-win situation for developers, customers, and service providers,” added Mr. Agrawal.