Emerging Trends in Real Estate: Here’s what homebuyers want today
Amidst unprecedented global uncertainties beginning early 2023, the Indian real estate sector not only weathered the storm but has emerged as a beacon of resilience and adaptability during the year. On annual basis, housing prices rose between 10% and 24% across the top 7 cities, primarily due to increased input costs and strong demand.
Interestingly, despite price rise a significant jump in housing sales and new launches was seen. As per ANAROCK Research, 2023 saw all-time high housing sales of nearly 4.77 lakh units across the top 7 cities, 31% more than 2022, thus creating a new peak in 2023.
Amid this strong growth momentum, the FICCI-ANAROCK Consumer Sentiment Survey (H2 2023) was conducted to gauge the mood of the prospective homebuyers and analyse their preferences in the changing scenario. While a few preferences have altered in the new-normal scenario, there are a few that remain unchanged in contrast to the early COVID-19 period.
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For instance, demand for bigger homes remains strong even now despite rising prices with nearly 50% respondents preferring to buy a 3BHK home, followed by 38% for 2BHK.
“Notably, some trend reversals are also seen to be happening. Investors are once again returning to the market. As seen, over 36% respondents in H2 2023 are looking to buy property from an investment perspective as against 26% respondents back in the COVID-19 period (H2 2020). Likewise, demand for ready properties has shrunk considerably and stands at the lowest end of the preference chart,” informs Anuj Puri, Chairman, ANAROCK Group.
Further, luxury homes are gaining further momentum. According to the survey, at least 46% respondents now prefer to buy
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