Mumbai: The conversion time to buy a property in India came down to 26 days on average in the first half of this fiscal year (H1 FY25), against the highest peak of 33 days in FY 2021, according to a report on Monday. Housing emerged as the most preferred investment option amid rising disposable incomes and robust economic activity in the country.
According to Anarock Group data, ultra-luxury homes (priced Rs 3 crore and above) saw the lowest conversion time, clocking in at just 15 days in H1 FY25. In the last fiscal year (FY24), it was 22 days, thereby reducing by a whole week.
Buyers of homes priced between Rs 50 lakh and Rs 1 crore took the most time (30 days), and homes priced between Rs 1 crore and Rs 3 crore saw an overall conversion time of 27 days in H1 FY25.
According to the data, the lead-to-conversion time (from first lead to actual booking) was at its lowest at 25 days in FY 2019 and FY 2024.
“Ultra-luxury home 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.
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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 longer to book homes in FY21 than they are taking today, reflecting the strong demand momentum.
The report said that given the surge in new supply by branded developers over the last few years, buyers feel empowered to make quicker decisions, as confidence in these players is high.
“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.
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–IANS
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