More people looking to buy a home amid pandemic: Survey | Economic Times

New Delhi: More people are looking to buy a property now than they were before the pandemic after realising the importance of owning a home. Low home loan rates and attractive offers from builders are also fuelling the demand.According to a survey by online real estate platform NoBroker.com, 82% people are looking to buy property in 2021, substantial increase from last year’s 64%.Apart from the data collected from 10 million registered users on its platform, nearly 18,000 participated in the survey independently and 89% of them feel that this is the right time to buy a property.The survey conducted across the metro cities highlights that people are looking for larger homes that can accommodate two workstations for working couples and study room for kids.“With greater savings due to lower spends during lockdown enabling buyers with greater reserve for down-payment money, builder discounts leading to lower costs and very attractive loan interest rates, 82% people mentioned that they are looking to buy a house in 2021,” said Saurabh Garg, co-founder, NoBroker.com.“It has been historically observed that whenever difference between home loan interest rates and rental yields is less than 4.5-5%, there is a massive surge in housing sales and we can expect this to happen now,” he added.The survey highlights that 48% are looking for 2 BHK and there has been a 9% jump in preference for 3 BHK. Bengaluru has the highest percentage of people looking for 3 BHK.Also, among the people looking to buy, majority of buyers are in the millennial age group.