Home buyers now giving preference to larger size homes: Survey

The trend of home buying in the real estate sector is changing rapidly and this time the data obtained from the survey of FICCI and Anarock also seems to point towards this! According to the survey data released on October 18, 2024,  more than 35% of potential home buyers prefer homes in the budget of Rs 45 lakh to Rs 90 lakh, but premium and luxury homes are becoming quite popular. At least 45 per cent of people have now preferred to buy homes priced above Rs 90 lakh in which a maximum of 3 and 4 BHK units have been preferred.

While the real estate sector has been struggling to meet the demand for affordable homes, this trend of hike in demand for bigger homes is showing the changing choices of home buyers. According to market experts, the biggest challenge for affordable housing is its quality, location, connectivity and future planning. Affordable homes are mostly built away from the main city and the convenience of transportation from there is forcing home buyers to think twice. In the process of building more units, quality is left behind and affordable homes are generally of small size where there is a lack of space for a growing family.

According to Dinesh Gupta, Secretary, of CREDAI Western UP, the desire for big-size homes in the area has changed significantly as a result of several factors, including government initiatives, the adoption of new construction practices by developers after the COVID-19 pandemic, and the development of infrastructure. Larger homes with additional space for study, meetings, exercise, and entertainment are now preferred by buyers. People are searching for possibilities that can be satisfied by larger areas because they spend a lot of time indoors during  COVID-19.

In such a situation, home buyers are now giving preference to larger size homes in locations emerging as real estate hubs, which are solving their problems of location, connectivity and future plans. It is also worth noting that the COVID-19 pandemic has completely changed the way people work, learn and live. Due to the pandemic, there has been a big change in the demand for housing and now work from home and study-from-home culture has become normal for people. Homebuyers are now demanding more space and additional rooms to meet their needs. Due to this, 2 BHK houses have been replaced by 3 BHK houses and the same trend has been seen in the shift from 3 to 4 BHK while upgrading the property.

”Developers in the Delhi-NCR are continuously monitoring demand and releasing larger homes in the wake of the pandemic. The demand for larger and more spacious premium residences is being driven mostly by the aspirational element of society. Projects created by reputable developers consequently have a great deal of momentum. Within two days of RERA registration, sales of our upscale property, Eros Sampoornam in Greater Noida West, reached Rs 200 crores, with the majority of purchasers choosing three-bedroom apartments,” said Avneesh Sood, Director, Eros Group. 

Understanding the changing trends of home buyers, promoters have increased the supply of 3 and 4 BHK units in new projects.

Himanshu Garg, Director of RG Group, said,” We discovered the rising demand for bigger units when we launched phase 2 of RG Luxury Homes. In response to meet the demand, we introduced special three-bedroom apartments in the project, which are still reasonably priced throughout Greater Noida West along with other opulent luxuries that immediately boost our sales, we have the largest green podium, which provides plenty of freshness.”