Home buying is more often than not linked to the financial health of the home buyers. However, mental health is as important as the financial health and the Indian housing market seems to rob the buyers the much needed peace and happiness that comes with an asset class like the home. The stress and anxiety is not limited to finding the right home, rather the real mental stress begins once one has bought the dream house. A Track2Realty pan-India survey.
The happiness index of home buyers is pretty low in this part of the world. Only 18% home buyers are completely happy with their home buying. Nearly seven out of the 10, as many as 68%, admit some level of stress in buying the house. What is all the more painful is that the mental health issues are not confined to pre-possession of the dream home but also after the possession.
These are the findings of a pan-India survey by Track2Realty, the real estate thinktank group. Trck2Realty conducted this online poll to assess the stress level of the Indian home buyers as well as to find the consumer satisfaction level in the Indian housing market.
The respondents were asked a mix of open-ended and close-ended questions and the qualitative survey was focussed on five key elements of Satisfaction in home buying; mental stress & harassment; finding the house; pre-possession issues; and post possession challenges.
The survey finds that while 60% of the Indian home buyers go through a challenging time in getting the possession, the stress is not limited to acquisition of the property alone. No less than 40% Indian home buyers maintain that post possession challenges are way too stressful than the often long wait to get the dream home.
Survey Highlights
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Only 18% home buyers are completely happy with their home buying
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68%, admit some level of stress in buying the house
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60% of the Indian home buyers go through a challenging time in getting the possession
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40% Indian home buyers maintain that post possession challenges are way too stressful
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72%, maintain that the Indian apartments lack breathable design and functionality
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68% demand policy intervention to ensure that each house gets proper wind flow and sunlight
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82% respondents categorically blame the builders’ greed for their mental health issues with the house
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65% first time home buyers weather more mental stress than the 35% second time buyers
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Noida gives the maximum stress to the home buyers and 92% buyers report to mental health issues
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Hyderabad has reported the minimum mental health issues with only 48% buyers maintaining they have been stressful with the house
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44% Indians find themselves to a victim of mis-selling in the housing market
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52% admit their own ignorance and lack of knowledge in buying a house
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58%, admit the developers’ sales channel creates a FOMO (Fear of Missing Out) and compel the buyers to book the house instantly
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88% home buyers maintain the BBA (Builder Buyer Agreement) being handed over after making a hefty payment adds up to their mental stress
A vast majority of the Indians, as many as 72%, maintain that the Indian apartments lack breathable design and functionality. Almost the same number of people, 68% to be precise, demand policy intervention to ensure that each house gets proper wind flow and sunlight. More than eight out of 10, 82% respondents, categorically blame the builders’ greed for their mental health issues with the house.
First time home buyers, as many as 65%, weather more mental stress than the 35% second time buyers. In terms of city preference, Noida gives the maximum stress to the home buyers and 92% buyers report to mental health issues. Hyderabad has reported the minimum mental health issues with only 48% buyers maintaining they have been stressful with the house.
What probably adds to the 82% disapproval of the Indian housing market is the fact that more than four out of 10, as many as 44%, find themselves to a victim of mis-selling in the housing market. Even more in number, 52% to be precise, admit their own ignorance and lack of knowledge in buying a house.
No less than six out of 10, as many as 58%, admit the developers’ sales channel creates a FOMO (Fear of Missing Out) and compel the buyers to book the house instantly. Almost every one, no less than 88%, maintain the BBA (Builder Buyer Agreement) being handed over after making a hefty payment adds up to their mental stress.
The survey is a grim reminder and a wake-up call to the Indian real estate. If the mental health issues of the Indian home buyers are not their problem, then at least a low consumer satisfaction index should serve as a warning and the root cause of the slow sales in the housing market.
Track2Realty is an independent media group managed by a consortium of journalists. Starting as the first e-newspaper in the Indian real estate sector in 2011, the group has today evolved as a think-tank on the sector with specialized research reports and rating & ranking. We are editorially independent and free from commercial bias and/or influenced by investors or shareholders. Our editorial team has no clash of interest in practicing high quality journalism that is free, frank & fearless.
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