Despite rising property prices and interest rate hikes in the last one year and more, demand for mid-range and premium homes remains high. According to a survey report by real estate consultant Anarock, at least 59 per cent of the respondents will buy mid-range and premium homes (priced between Rs 45 lakh and Rs 1.5 crore).
The survey, titled ‘ANAROCK Consumer Sentiment Survey (H1 2023)’, covered 5,218 participants that were “selected to give a relatively fair representation of the overall population demographics in terms of geographical distribution, gender, and age”, according to Anarock.
According to the report, the latest 59 per cent number is a 10 per cent sentiment increase for homes in this budget category (Rs 45 lakh-Rs 1.5 crore) over the survey’s H1 2020 edition.
The survey indicates that homes priced from Rs 45-90 lakh are most favoured (by 35 per cent of respondent homebuyers), closely followed by 24 per cent of respondents preferring homes priced between Rs 90 lakh to Rs 1.5 crore.
Anuj Puri, chairman of ANAROCK Group, said, “Demand for bigger homes remains undeterred, with 3BHKs once again superseding 2BHKs in the current survey. Around 48 per cent property seekers prefer 3BHKs over other configurations, while 39 per cent still prefer 2BHK units. If we compare with the H1 2022 survey, demand for 3BHKs has been rising steadily – from about 41 per cent in H1 2022 to nearly 48 per cent in H1 2023. Bigger homes remain the top pick despite life returning to normal after the pandemic.”
Among the top cities, demand for 3BHKs is particularly high in Bengaluru (51 per cent), Chennai (50 per cent), Delhi-NCR (47 per cent) and Pune (45 per cent) where most respondents prefer 3BHKs. In Kolkata (52 per cent), MMR (41 per cent) and Hyderabad (47 per cent), most respondents prefer 2BHKs.
The survey also highlights a noticeable demand shift between ready-to-move-in properties and new launches across different cities. As of H1 2023, the demand ratio of ready homes to new launches stands at 28:27, denoting a significant gap reduction compared to H1 2020, when the ratio was 46:18.
Puri said, “A key reason for this shift is the increased new supply by large and listed developers… These established players command much higher confidence among prospective homebuyers due to their reputation for timely project delivery.”
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