50% homebuyers prefer 3BHKs, affordable housing demand shrinks further: Survey
financialexpress.comThe ‘bigger is better’ mantra continues to drive the Indian housing market. The FICCI-ANAROCK Consumer Sentiment Survey (H2 2023), unveiled at the FICCI Real Estate Summit in Delhi today, finds that the highest homebuyer demand is now for 3BHKs, with at least 50% respondents picking this size. 38% 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, in fact, increasing. 3BHKs are particularly in vogue in Bengaluru, Chennai, Hyderabad, and Delhi-NCR. In hyper-pricey MMR, 44% of respondents preferred 2BHKs. The demand for 1BHK units is being primarily evident in the western markets of MMR (17%) and Pune (10%).
Aligned to the growing preference for bigger apartments, the demand for luxury homes priced >INR 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 INR 45-90 lakh budget range remains the most popular, with over 33% prospective homebuyers favouring it.
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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 new launches. The survey highlights that in H2 2023, the ratio of ready homes to new launches is
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