3 BHKs.. balconies..

Rajapushpa Provinica - Narsingi - 2/3BHK

Most home aspirants want the above needs.
Revealed in the FICCI-ANAROCK survey.

With the changing times, there are significant changes in the preferences and aspirations of home buyers. While 50 percent of Millennials (aged 28 to 43) prefer 3-bedroom homes, 75 percent of Gen X (aged 44 to 59) prefer balconies. Also, 58 percent of millennials and 39 percent of Gen X buyers expect to use profits from other investments to purchase a home. These things were revealed in a joint survey conducted by FICCI-Anarock.

This survey was conducted online with around 5,510 people from different cities in the country between July and December last year. It showed that 38 percent of the buyers preferred 2 BHK. Despite rising property prices, demand for even larger apartments remains constant. Moreover, their purchases are also increasing. Especially in Hyderabad, Chennai, Bengaluru, and Delhi, 3 BHKs have become very popular. 44 percent of people voted for 2 BHK houses in Mumbai, while 17 percent of people in Mumbai preferred single-bedroom houses, and 10 percent of people in Pune wanted them. On the other hand, the demand for luxury houses priced above Rs. 15 crore has also increased. About 20 percent of people showed interest in buying a house at this price. It was only 12 percent in the second half of 2021. 33 percent of the people preferred houses with a budget of Rs. 45 lakh to Rs. 90 lakh. Meanwhile, the demand for affordable houses is decreasing. While their sales were 40 percent in the second half of 2020, they decreased to 25 percent in the second half of 2021 and 21 percent in the second half of 2023. Average flat sizes in seven major cities in the country grew by 11 percent last year.

It increased from 1175 square feet in 2022 to 1300 square feet in 2023. After COVID, the number of people who want to buy a house in suburban areas is increasing. In the second half of 2021, 25 percent preferred suburban areas. In the second half of 2023, their number was 30 percent. Also, 75 percent of the respondents want their houses to be spacious. They especially want balconies to enjoy the fresh air. On the other hand, investors are returning to the real estate market despite the negative developments in the world because of the growing economic conditions in India. Most of them are looking towards residential real estate. 57 percent of the respondents also mentioned real estate as the best investment choice. After the real estate sector, 29 percent chose the stock market for investment, and 6 percent preferred gold as a good investment option.