Covid-19 taking toll on realty sentiment

Hyderabad: India's real estate has been impacted deeply by the Covid-19 outbreak and consumer sentiment is currently pessimistic and uncertain due to the national lockdown effects, according to a report.

The recent consumer sentiment report by Magicbricks titled 'Covid-19 Property Buyer Sentiment Survey' reveals that one out of three home buyers want to drop or keep on hold their property buying decision.

However, a large majority of 67 per cent are still planning to go ahead with their investment although with a reduced budget.

The consumer sentiment survey reflects that 67 per cent of the respondents still want to invest in a property albeit with some delay, highlighting the reinforced significance of home ownership during any catastrophe like a pandemic or a national lockdown.

It also revealed that 73 per cent of home buyers are likely to decrease their budget.

Reflecting the overall consumer sentiment, survey also stated that pre-Covid 19 about 56 per cent of the respondents had either shortlisted or were actively looking to buy property in less than six months.