Conversion rate in realty improves in top metros

As serious buyers start enquiries for residential properties in top cities, conversion rates have increased. In the top cities, enquiries for housing properties have now reached 50 per cent of preCovid-19 levels. Recovery is fastest in Bengaluru, where enquiries have reached 70 per cent, followed by Gurugram with nearly 65 per cent.

Site visits too have picked up, though lesser than earlier. However, the site visit-to-sales conversion is higher, finds Anarock Property Consultancy.

In Gurugram, site visits are back to pre-Covid-19 levels with a sharp increase in conversion ratios - from nearly 5 per cent earlier to 10 per cent now. In Noida and Ghaziabad serious enduser enquiries have increased to 40 per cent of pre-pandemic levels and site visits are increasing steadily. July alone saw more than half the number of sales recorded between April and June.

Similarly, in Mumbai site visits were back to nearly 50 per cent towards July-end, from predominantly serious buyers. July alone witnessed 40 per cent of sales seen in the April-June period. In Pune too, enquiries have reached nearly 50 per cent, site visits are increasing steadily and conversions have moved up from 9-10 per cent on an average earlier to nearly 12 per cent now. This

has helped sales volumes reach more than 40 per cent of pre-Covid levels.

Conversions have gone up from 8 per cent on an average earlier to nearly 15 per cent in Hyderabad and site visits have touched 40 per cent of earlier levels.

“Despite site visits far from the previous levels, the site-visit-to-closure conversion rate has increased considerably as only serious buyers are venturing out, with casual window shoppers fairly dormant currently,” said

Prashant Thakur, director and head, research, Anarock Property Consultants.

Customers also prefer larger sized units and 2BHKs and 3BHKs are in highest demand. While buyers in Bengaluru, Gurgaon, Hyderabad, Kolkata and Noida are more inclined towards 3BHKs and upwards, Mumbai has a higher preference for 2 BHKs over the previous 1BHK. Work-from home and online classes have increased the demand for additional space.