45% prospective home buyers looking to buy after RERA

The Real Estate Regulatory Act (RERA) has acted as a great confidence booster for prospective buyers, around 45 per cent of whom are now looking to purchase homes in the first quarter of 2018, Quikr Homes Vice president Sonu Abhinandan Kumar said here today.

"Around 45 per cent of prospective buyers are looking to purchase homes in first quarter of 2018 following the great confidence boost RERA has given them. This is a positive outlook for real estate," he told PTI at an event organised by the company here.

Kumar, also the business head of Quikr, said RERA has brought in greater transparency, timely project delivery and organised development and has acted as a confidence booster for prospective buyers.

"It has accelerated the construction process and reduced overall costs for consumers by providing attractive discounts and innovative pricing schemes," he said after releasing 2018 Quikr Homes Consumer Sentiment Report.

Kumar said granting of infrastructure status to affordable housing projects by the centre in 2017 resulted in a 27 per cent increase in supply of newly constructed affordable homes in the first three quarters of the same year to some 26,000 units

He also said the consumer survey sentiment is clearly dominated by preferred budget range below Rs 50 lakh price as more than 70 per cent buyers are looking for properties in the affordable range.

"Bengaluru and Mumbai are showing signs of a healthy mix amongst the rest with as much as 14 per cent buyers going for the more than Rs one crore ticket price for homes,"Kumar said.

He also said more than 70 per cent of buyers prefer home loans as the primary and easiest finance medium over other options.

"In addition, inflation rates appear to have stabilised and lending rates have started to come down," he added.

With innovative pricing schemes like possession-linked payment plans and subsidy schemes, buyers are also considering self-finance as their second-most preferred option with 20 per cent potential buyers in Chennai and Kolkata, Kumar said.

Affordable housing and stable property prices have slashed unreasonable ticket prices and made self-financing prospect look brighter, he added.