Mumbai, Nov 11 2024-
The conversion time to buy a property in India came down to 26 days on average in the first half this fiscal (H1 FY25) against the highest peak of 33 days in FY 2021, as housing emerges as most-preferred investment option amid rising disposable incomes and robust economic activity in the country, according to a report on Monday.
Ultra-luxury homes (priced Rs 3 crore and above) saw the lowest conversion time, clocking in at just 15 days in H1 FY25. In last fiscal (FY24), it was 22 days, thereby reducing by a whole week, according to Anarock Group data.
Buyers of homes priced between Rs 50 lakh to Rs 1 crore took the most time (30 days) and homes priced between Rs 1 crore to Rs 3 crore saw overall conversion time at 27 days in H1 FY25.
The lead-to-conversion time (from first lead to actual booking) was at its lowest at 25 days in FY 2019 and FY 2024, as per the data.
“Ultra-luxury homes buyers are financially equipped to make quicker decisions. Also, high-end homes are currently in greatest demand and desirable inventory tends to sell out fast, necessitating a need for speed,” said Anuj Puri, Chairman, Anarock Group.
Affordable homes saw a minor reduction in the conversion time – from 27 days in FY 2024 to 26 days in H1 FY 2025.
Essentially, buyers took a longer time to book homes in FY21 than they are taking today, reflecting the currently strong demand momentum.
Given that the last few years have seen a surge in new supply by branded developers, buyers feel empowered to make quicker decisions as confidence in these players is high, said the report.
“Even with these decreases in lead-to-buy periods, it is unlikely that we will see any marked incremental changes in this process overall,” said Puri.
Indian home buyers do not make purchase decisions lightly, given the huge capital outlay often involving most or all of their savings. (Agency)
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