According to the ANAROCK Consumer Sentiment Survey 202,3 there is still a strong demand for mid-range and luxury properties, with 59 percent of consumers favoring residences between Rs 45 lakh and Rs 1.5 crore.
The residences priced between Rs 45 and Rs 90 lakh are the most popular (favorited by 35% of respondents), followed by homes priced between Rs 90 and Rs 1.5 crore by 24% of respondents. This represents a 10% sentiment improvement for houses in this price range compared to the 2020 poll.
A total of 5,218 people from Bengaluru, Chennai, Pune, Delhi-NCR, Kolkata, MMR, and Hyderabad participated in the study.
The choice for affordable homes decreased to 25% in 2023 (from 40% in 2020 survey). In the post-pandemic market, 3 BHKs continue to be in great demand, with 48 percent of respondents choosing this layout in the current poll (up from 41 percent in the 2022 study).
According to the report, Bengaluru, Chennai, Pune, and Delhi-NCR had the largest demand for three bedrooms, while Kolkata, the MMR, and Hyderabad had the highest demand for two bedrooms.
Demand for larger homes continues unabated; in the most recent poll, 3 BHKs again outnumbered 2 BHKs. A little over 48% of those looking for real estate favor 3 bedrooms over alternative layouts, while only 39% still favor 2 bedrooms.
Demand for three bedrooms has increased gradually since the 2022 survey, rising from around 41% to about 48% in the 2023 survey. Despite everything returning to normal following the pandemic, larger homes continue to be the top choice, according to Anuj Puri, Chairman of the ANAROCK Group.
The increased supply of new homes by big, publicly traded developers is a major factor in this trend, according to Puri. Due to their reputation for on-time project execution, “these established players command much higher confidence among prospective homebuyers.”
The poll also reveals a discernible shift in demand across several cities between ready properties and new releases. In comparison to 2020, when the ratio was 46:18, the demand ratio of completed homes to new releases as of 2023 is 28:27, indicating a significant reduction in the gap.