Despite the recent increases in property prices and interest rates over the past year, there continues to be strong demand for mid-range and premium homes.
According to the ANAROCK Consumer Sentiment Survey for the first half of 2023 (H1 2023), it is revealed that around 59% of the total 5,218 survey participants plan to purchase mid-range and premium homes, which are priced between INR 45 lakh and INR 1.5 Crore.
This indicates a 10% increase in sentiment for homes in this price range compared to the H1 2020 edition of the survey.
The survey further indicates that homes priced between INR 45 lakh and INR 90 lakh are the most preferred among respondents, with 35% of homebuyers favoring this price range.
Additionally, 24% of respondents are inclined towards homes priced from INR 90 lakh to INR 1.5 Crore.
Among major cities, the demand for 3BHK apartments is particularly high in Bangalore with 51%, Chennai – 50%, Delhi-NCR – 47%, & Pune – 45%, where a majority of respondents prefer 3BHK layouts.
Whereas, in Kolkata – 52%, MMR – 41% & Hyderabad – 47%, most respondents show a preference for 2BHK apartments.
The survey also highlights a significant shift in demand between ready-to-move properties and new property launches across different cities.
As of H1 2023, the demand ratio for ready homes compared to new launches stands at 28:27, marking a substantial reduction in the gap compared to H1 2020 when the ratio was 46:18.
