59% buyers prefer mid-range & premium homes despite price rise: Survey
financialexpress.comDespite rising property prices and interest rate hikes in the last one year and more, demand for mid-range and premium homes remains high. The ANAROCK Consumer Sentiment Survey (H1 2023) indicates that at least 59% of the 5218 survey participants will buy mid-range and premium homes (priced from Rs 45 lakh to Rs 1.5 crore). This is a 10% sentiment increase for homes in this budget category over the survey’s H1 2020 edition.
The survey indicates that homes priced in the range of Rs 45-90 lakh are most favoured (by 35% respondent homebuyers), closely followed by 24% respondents preferring homes priced between Rs 90 lakh and Rs 1.5 cr.
Anuj Puri, Chairman, ANAROCK Group, says, “Demand for bigger homes remains undeterred, with 3BHKs once again superseding 2BHKs in the current survey. Around 48% property seekers prefer 3BHKs over other configurations, while 39% still prefer 2BHK units. If we compare with the H1 2022 survey, demand for 3BHKs has been rising steadily – from approx. 41% in H1 2022 to approx. 48% in H1 2023. Bigger homes remain the top pick despite life returning to normal after the pandemic.”
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* Among the top cities, demand for 3BHKs is particularly high in Bangalore (51%), Chennai (50%), Delhi-NCR (47%) and Pune (45%) where most respondents prefer 3BHKs.
* In Kolkata (52%), MMR (41%), and Hyderabad (47%), most respondents prefer 2BHKs.
The survey also highlights a noticeable demand shift between ready 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.
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