Chennai: A study by Knight Frank India called ‘India Buyer Survey 2021- Living in the times of Covid19’ reveals that over 77% of respondents from Chennai expected the value of their primary residence to increase in the next 12 months.
While just 16% of the respondents have expressed to have moved to a new home since the start of the pandemic, around 55% of the respondents are willing to purchase a second home in the next 12 months. Around 57% of the respondents have a desire to purchase a second home because of the Covid pandemic.
On the aspect of relocation or moving to a new home, 84% of the respondents from the Chennai reported to have not changed their primary residence through the pandemic. Of the remaining 16% of the respondents who have relocated during the pandemic, it is revealed 56% of the respondents had decided to relocate due to the option to working from home. When enquired whether the pandemic influenced any relocation plans over the next 12 months, 55% of respondents were of the opinion that the due to the pandemic, they were more willing to relocate, preferably within the city.
On the key reasons that will influence purchase decision in the future, 64% of the city respondents opined upgrading their family’s primary residency as the primary reason that would influence their decision. Increase in family size (20% of the respondents) was opined as the second most important reason that would influence their future home purchase decision. Respondents have also cited purchase decisions pertaining to Holiday Home (11%) as also an important factor that influences home purchase decision in the future.
When enquired whether the impact from the pandemic influenced their decision for a second home, 57% expressed more likeability of purchasing a second home in near future. On the aspect of change in spending propensity for a home due to the pandemic, 63% of respondents have cited an increase in their budget for spending on a new home.
On key features buyers will look for in a home post lockdown, 96% of the respondents in Chennai were more likely to consider access to large green areas as an important aspect of their new residence. About 66% of the respondents have opined proximity to their place of work as a crucial feature they will seek in their next home.