78% tenants from Mumbai eyeing to buy their first property in 2021

A real estate portal has identified the key property trends that dominated Mumbai’s real estate over the last year in its ‘India Real Estate Report 2020’. According to the findings, 78 per cent of the respondents in Mumbai are looking to buy a house in 2021.

Besides, it is also observed that Mumbai also has the highest number of buyers (82 per cent) who want to stay in the society. A survey of the real estate portal has revealed that the trend is due to the lack of independent housing in the city, as well as increased security and housing facilities in the society.

Major Trends in Property Buying:

• The majority (87 per cent) of homebuyers in Mumbai prefer ready-to-move-in or resale homes. Given the difficulties faced by people who have invested in under-construction projects, this is a good option.
• About three-quarters (73 per cent) of people in Mumbai are considering buying a home for the first time, with the majority of buyers (92 per cent) buying a permanent property and 8 per cent buying an investment. When buying a new home, about 67 per cent of Mumbai citizens consider the rules of architecture in their decision-making process.
• In Mumbai, the top 20 per cent of property seekers are eager to buy a house with a budget of INR 1 crores or above. This is due to the rising rates of property in the area as well as the reduction in stamp duty. Mumbai has the highest number of people looking for a 1 BHK house (49 per cent). The city's real estate sector was hit by a pandemic that saw prices fall by 3.7 per cent in per square foot. This is in line with the trends in most of the big cities in India.

Top Rental Trends:

Most of the tenants in Mumbai were actively avoiding real estate brokers. Of the respondents, 43 per cent choose a real estate website, while 41 per cent search through their social relationships, intermediaries. This is done to save paying brokerage charges.

Security is the most important facility for 66 per cent of tenants in Mumbai. Nearly 13 per cent of them said that they are looking for a visitor and society management app for security. The proportion of tenants seeking accommodation in the society instead of separate houses and separate floors was also found to be highest in Mumbai (75 per cent).

The digital payment tool was the most used during the epidemic. Two-thirds (63 per cent) of Mumbai tenants pay their rent through bank transfer or no broker pay. In digital transactions, Mumbai and Pune won. Only 24 per cent of them transacted with cash. 88 per cent of Mumbai tenants use online portals for their rental agreements. This is once again the highest rate among other cities.

Against the backdrop of the epidemic, the area experienced a negative fare increase. Compared to the previous year, the average rent decreased by 1.56 per cent.

Saurabh Garg, co-founder and CBO of NoBroker.com, said, "These trends in 2020 are difficult to follow without the outbreak. The outbreak helped people realize the value of their home. "Tenants need a place to live in a society where the new-age app enhances the living experience. We think this trend will continue."

The human side of landlords:

• NoBroker.com made another important observation against the backdrop of the COVID-19 crisis. Nearly half (49 per cent) of the landlords surveyed in Mumbai waived some rent for the benefit of the tenants during the lockdown.
• Around 79 per cent of landlords in the city prefer the whole family for rent. Only 19 per cent of homeowners in Mumbai want to rent a house to a bachelor.