Reported By: Namit Singh Sengar
News18.com
Last Updated: March 06, 2024, 12:41 IST
New Delhi, India
The INR 45-90 lakhs budget range remains the most popular, with over 33% prospective homebuyers favouring it.(Representative image)
The latest FICCI-Anarock consumer sentiment survey found that the highest homebuyer demand is now for 3BHKs, with at least 50% of respondents picking this size. 38% of respondent favour 2BHKs. The demand for 3BHKs stood at 42% in the H2 2022 edition of the survey.
Despite increasing property prices, the demand for bigger apartments continues unabated and is increasing. 3BHKs are particularly in vogue in Bengaluru, Chennai, Hyderabad, and Delhi-NCR.
Also Read: Will Home Prices Be Affordable Again? Housing Market Predictions For 2024
In hyper-pricey MMR, 44% of respondents preferred 2BHKs. The demand for 1BHK units is primarily evident in the western markets of MMR (17%) and Pune (10%).
The survey was conducted by Anarock Research between July to December 2023 with approx. 5,510 online respondents from across Indian geographies and age groups. The data was analysed and correlated to the current economic conditions.
Aligned to the growing preference for bigger apartments, the demand for luxury homes priced >Rs 1.5 Cr has also gained more traction. At least 20% of the H2 2023 survey respondents prefer to buy homes in this price bracket, against 12% in H2 2021.
The Rs 45-90 lakhs budget range remains the most popular, with over 33% of prospective homebuyers favouring it.
The survey added that affordable housing demand has shrunk further, to 21% in H2 2023 from 25% in H2 2021, and 40% in H2 2020.
Anuj Puri, chairman, Anarock Group, said, “The supply of bigger homes is seamlessly following the demand for them. Anarock data indicates that average flat sizes in the top 7 cities grew by 11% annually last year – from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023. The survey also finds that for the first time, the demand for ready-to-move homes is lower than for new launches. The survey highlights that in H2 2023, the ratio of ready homes to new launches is 23:24 against 32:24 in H2 2021. Interestingly, it stood at 46:18 back in H1 2020.”
The survey further highlighted the growing inclination of homebuyers towards suburban areas and city centres, in line with the return to the office (RTO) dynamic being witnessed post the COVID-19 pandemic.
30% of respondents in the current survey (H2 2023) chose suburban areas as their first choice for buying a home, against the 25% who preferred suburban areas in H2 2021.
The survey also found that:
