BENGALURU: A whopping 78 per cent of Bengalureans have now become more inclined towards asset building and property purchase as an investment option in the post-pandemic world, a study has revealed.
The study, Post 'Generation-Rent', commissioned by Godrej Housing Finance (GHF), has also revealed that 25 per cent of Bengalureans feel that purchasing a house of their own is crucial to securing their future second to job security (45 per cent).
The study also found that close to 16 per cent of those sampled made owning a house their top priority, especially as work from home had become the new normal.The study aimed at gaining an insight into the latest trends in customer preferences and the factors that drive property purchase, asset creation and investment post-pandemic.
The findings revealed that approximately 49 per cent of Indians had reached out to housing finance companies in the past year. This new trend is seen as a boon for the financing industry, especially in the housing sector and flies in the face of the "generation-rent" phenomenon, which saw millennials across the world preferring to rent over owning assets whether that be with regard to consumer durables or housing.
"The pandemic has brought about a clear shift in preference among Indian consumers. They are gravitating towards future-proofing through long-term investments. With affordability at an all-time high, there has probably never been a better time to buy a house, which is both an important element of asset allocation and a key pillar of financial security," said GHF MD & CEO Manish Shah.
The study also revealed that consumers now prefer digital financing methods compared to traditional ones, which, in addition to flexibility on policy, timelines and credibility form the major factors that plays an important role in their choice of a home loan provider.