Property seekers in NCR prefer 3BHK, while people in MMR region go for 2BHK: Survey
Out of a total of 4,662 survey participants, 42 per cent preferred 3BHKs while 40 per cent of them said that they preferred two-bedroom homes. While 12 per cent said they preferred one-bedroom homes, six per cent wanted homes with more than three bedrooms.
The real estate market in the country is dominated by the Delhi and Mumbai regions. Despite increases in property rates, the Indian residential market is anticipated to maintain demand momentum.
Last year, Delhi-NCR (National Capital Region), India's second-largest real estate market after MMR (Mumbai Metropolitan Region), outpaced Mumbai. The NCR market has emerged as the top choice of private equity (PE) investors after its dull performance in 2021 following the second COVID-19 wave, which significantly interrupted activity.
Meanwhile, according to a report 'The Housing Market Boom’ released at the 5th Edition of the CII Real Estate Confluence 2023 in Mumbai, where ANAROCK was a Knowledge Partner, out of a total of 4,662 survey participants, 42 per cent preferred 3BHKs while 40 per cent of them said that they preferred two-bedroom homes. While 12 per cent said they preferred one-bedroom homes, six per cent wanted homes with more than three bedrooms.
"The two realty hotspots, NCR and MMR, have seen particularly strong momentum in the sale of high-ticket, bigger homes over the last few quarters. Over 45 per cent of property seekers in the NCR are looking to buy 3BHK homes in the near future. In the expensive MMR, 2BHKs appear to dominate the preference charts as 43 per cent respondents favoured them, but over 32 per cent buyers are looking to buy 3BHKs," the report said.
The other major cities for the real estate market are Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.
Highlights of the report
According to the report, ongoing challenges like an RBI rate rise in the near future may experience a lull, as at least 96 per cent of potential buyers said that rising mortgage rates will influence their decisions to purchase a home in the future.
Prices continue to be a major consideration for more than 80 per cent of those looking to buy a home as the cost of land has increased over the year.
At least 52 per cent of all participants who selected real estate as an asset class for investment were millennials (people who are born between 1981 and 1996), who are primarily wanting to buy homes for their own use. The end-user vs investor ratio in the Indian housing industry is still 71:29.
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