{"id":587,"date":"2024-03-06T10:39:00","date_gmt":"2024-03-06T10:39:00","guid":{"rendered":"https:\/\/www.saldanha.in\/blog\/?p=587"},"modified":"2024-04-19T10:45:11","modified_gmt":"2024-04-19T10:45:11","slug":"what-do-homebuyers-really-want","status":"publish","type":"post","link":"https:\/\/www.saldanha.in\/blog\/what-do-homebuyers-really-want\/","title":{"rendered":"What Do Homebuyers Really Want"},"content":{"rendered":"\n

Source: Financial Express (https:\/\/bit.ly\/3TXQnCV<\/a>)<\/p>\n\n\n\n

While a few homebuyer preferences have altered in the new-normal scenario, there are a few that remain unchanged in contrast to the early COVID-19 period.<\/p>\n\n\n\n

Amidst unprecedented global uncertainties beginning early 2023, the Indian real estate sector not only weathered the storm but has emerged as a beacon of resilience and adaptability during the year. On annual basis, housing prices rose between 10% and 24% across the top 7 cities, primarily due to increased input costs and strong demand.<\/p>\n\n\n\n

Interestingly, despite price rise a significant jump in housing sales and new launches was seen. As per ANAROCK Research, 2023 saw all-time high housing sales of nearly 4.77 lakh units across the top 7 cities, 31% more than 2022, thus creating a new peak in 2023.<\/p>\n\n\n\n

Demand for bigger homes remains strong even now despite rising prices with nearly 50% respondents preferring to buy a 3BHK home, followed by 38% for 2BHK.<\/p>\n\n\n\n

\u201cNotably, some trend reversals are also seen to be happening. Investors are once again returning to the market. As seen, over 36% respondents in H2 2023 are looking to buy property from an investment perspective as against 26% respondents back in the COVID-19 period (H2 2020). Likewise, demand for ready properties has shrunk considerably and stands at the lowest end of the preference chart,\u201d informs Anuj Puri, Chairman, ANAROCK Group.<\/p>\n\n\n\n

Further, luxury homes are gaining further momentum. According to the survey, at least 46% respondents now prefer to buy homes priced >INR 90 lakh. And at least 75% property seekers prefer to have balconies at home so as to get the feel of more open spaces within a home.<\/p>\n\n\n\n

  1. Projects nearing completion more in demand<\/strong><\/li><\/ol>\n\n\n\n

    There has been a noticeable shift in preferences among home buyers regarding ready-to-move-in properties, new launches, and nearing completion projects across various cities.<\/p>\n\n\n\n

    1. Residential real estate a viable investment option<\/strong><\/li><\/ol>\n\n\n\n

      Notably, investors are again coming forward to take the plunge in residential real estate.<\/p>\n\n\n\n

      1. Affordable housing demand shrinks further<\/strong><\/li><\/ol>\n\n\n\n

        Demand for affordable housing continues to witness a decline \u2013 from 40% in H2 2020 to just 21% in H2 2023.<\/p>\n\n\n\n

        1. Demand for luxury homes gains traction<\/strong><\/li><\/ol>\n\n\n\n

          Even while the budget range of INR 45 lakh to INR 90 lakh remained the most favourable budget for over 33% of prospective homebuyers, premium and luxury homes are gaining traction.<\/p>\n\n\n\n

          1. Bigger homes dominate buyer demand<\/strong><\/li><\/ol>\n\n\n\n

            At least 50% of property seekers now prefer 3BHK units, while 38% prefer to buy a 2BHK apartment.<\/p>\n\n\n\n

            1. Balconies top homebuyer demand<\/strong><\/li><\/ol>\n\n\n\n

              Homebuyers\u2019 preferences are now dictated by the new realities such as the hybrid work model or need for larger and open spaces both within and outside a home. At least 75% property seekers prefer to have balconies at home so as to get the feel of more open spaces within a home.<\/p>\n","protected":false},"excerpt":{"rendered":"

              Demand for bigger homes remains strong even now despite rising prices with nearly 50% respondents preferring to buy a 3BHK home, followed by 38% for 2BHK. At least 46% respondents now prefer to buy homes priced >INR 90 lakh.<\/p>\n","protected":false},"author":1,"featured_media":584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":""},"categories":[7,9,8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/587"}],"collection":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/comments?post=587"}],"version-history":[{"count":1,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/587\/revisions"}],"predecessor-version":[{"id":588,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/587\/revisions\/588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/media\/584"}],"wp:attachment":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/media?parent=587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/categories?post=587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/tags?post=587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}