· Many buyers are opting for 3 BHK and 4 BHK houses.
· The carpet area ranges from at least 1500 square feet to 2 times.
There is a notable increase in demand for luxury apartments in the country. Among homebuyers, many are opting for 3 BHK and 4 BHK houses. Prices in this regard have also seen a rise, and no one seems to be able to control the increase. With a larger and more comfortable living space, many are opting for 3 BHK and 4 BHK flats over 2 BHK, which are now enjoying a lower rate.
After the pandemic, lifestyle changes such as hybrid working methods have led to increased demand for large luxury apartments. Previously, there was a significant increase in demand for 2 BHK flats with an area of 1000 square feet. However, now, in cities like Hyderabad, there is demand for 2 BHK flats with an area of at least 1500 square feet in carpet area. Similarly, there is also an increase in demand in the luxury segment. There is more priority given to houses with carpet areas starting from 5,000 square feet in this segment.
After the pandemic, preferences of homebuyers have prominently shifted towards large, modern homes with advanced amenities. Factors such as economic growth in urban areas and increasing prosperity have directed buyers towards homes that offer modern conveniences. With rising income and economic stability, millennials are opting for large houses. The societal status symbol associated with comfortable living is motivating many to invest in luxury homes. Recently, those residing in smaller homes are upgrading to larger ones. Higher income is also prompting this trend. According to a survey by FICCI Anarock, 50% of Indians are showing interest in 3 BHK flats, while 37% have opted for 2 BHK flats. In cities like Bengaluru, Chennai, Delhi, and Hyderabad, the trend of 3 BHK flats has gained popularity. Additionally, 75% of homebuyers prefer homes with balconies, and 31% are looking for separate spaces for office work. Consequently, there is a growing demand for luxury homes in these segments.
