78% tenants keen to buy a house in 2021, says NoBroker.com

Nearly 67% homeseekers consider vastu compliance an important factor in their decision-making process

Nearly 78 per cent of the tenants in Mumbai are eyeing to buy their first property in 2021, says the NoBroker.com 'India Real Estate Report 2020' survey findings. Mumbai also has the highest percentage of buyers looking for society accommodation. This trend can be attributed to the lack of independent houses as well as the enhanced safety and convenience that living in societies offers. Interestingly, 73 per cent of the surveyed homeseekers are first-time buyers. Saurabh Garg, co-founder and chief business officer, NoBroker.com, said, “The real estate trends of 2020 cannot be discussed without talking about the pandemic. It made people realise the importance of owning a home and 78 per cent of respondents are exploring the option of buying a home in 2021. The viral outbreak and accompanying safety concerns are driving buyers as well as tenants towards opting for society accommodations. New-age applications are elevating the residential experience of users. We believe that this trend is here to stay.” NoBroker.com conducted a survey in Mumbai, Bengaluru, Hyderabad, Delhi, Pune and Chennai. It used a two-pronged approach to ascertain consumer behavior. The portal has a lot of data. It has over 10 million registered customers. Apart from this, it conducted a virtual survey in which 17, 652 customers participated from these cities. The survey findings illustrated that buyers (92 per cent) in Mumbai region are looking to purchase a property for end-use. Nearly 67 per cent of homeseekers consider vastu compliance an important factor in their decision-making process. Moreover, Mumbai has the highest percentage of property seekers looking to buy a house with a budget of Rs 1 crore or above. Also, it recorded the largest percentage of people looking for 1 BHK units.

Use of digital tool for rent payment

NoBroker observed that 88 per cent of the tenants in Mumbai use online portals to make their rental agreements. This is again the highest amongst all the cities surveyed. The use of digital payment tools reigned supreme amidst the pandemic. Almost two-thirds (63 per cent) of the tenants in Mumbai paid their rent through online channels. Besides this, tenants from Mumbai were amongst those most actively avoiding real estate brokers.