India’s real estate sector presents a compelling picture of growth, driven by job creation, rising wealth, urbanisation, and supportive government initiatives. This offers exciting opportunities for investors, developers, and homebuyers alike. India’s real estate market is booming, poised for a US$1 trillion market by 2029 and expected to expand to US$5.8 trillion by 2047.
For this, we can also see the changing trends in the real estate sector as technology is evolving continuously. As we look ahead, we anticipate several key shifts in the real estate market. We predict that sustainable and eco-friendly properties will become increasingly popular as more people prioritise environmental consciousness. Energy-efficient homes and buildings will be in high demand.
We can also expect a rise in remote work to continue shaping the real estate landscape. With more individuals working from home, there will be an increased desire for properties with home office spaces and access to high-speed internet.
The FICCI-Anarock Consumer Sentiment Survey (H2 2023) has said that almost 50% of home buyers prefer buying 3BHK homes, and 38% favour 2BHKs. As many as 75% of property seekers now want balconies. That’s not all; as many as 58% of millennials and 39% of Gen-X potential buyers intend to use their gains from other investments to purchase homes.
The report further says the highest homebuyer demand is now for 3BHKs, with at least 50% of respondents picking this size and 38% favouring 2BHKs. The demand for 3BHKs stood at 42% in the H2 2022 edition of the survey.
What does the homebuyer want to buy?
Despite increasing property prices, the demand for bigger apartments continues unabated and is, in fact, increasing. 3BHKs are particularly in vogue in Bengaluru, Chennai, Hyderabad, and Delhi-NCR. In hyper-pricey MMR, 44% of respondents preferred 2BHKs. The demand for 1BHK units is primarily evident in the western markets of MMR (17%) and Pune (10%).
Aligned to the growing preference for bigger apartments, the demand for luxury homes priced >Rs 1.5 crore has also gained more traction. At least 20% of the H2 2023 survey respondents prefer to buy homes in this price bracket, compared to 12% in H2 2021. The Rs 45–90 lakh budget range remains the most popular, with over 33% of prospective homebuyers favouring it.
The current survey also finds that less than 75% of property seekers now want balconies. The desire for more open spaces within homes is a significant change from earlier years, when the focus was more on dedicating almost every square inch for indoor utilisation, while 74% of the surveyed homebuyers insist on improved construction quality. Affordable housing demand has shrunk further, to 21% in H2 2023 from 25% in H2 2021 and 40% in H2 2020.
We can assume that for homebuyers Right location of home in India involves careful consideration of various factors, including proximity to work, neighborhood quality, infrastructure, market trends, and lifestyle preferences. By understanding how to choose the right location for your home, you can make an informed decision that meets your needs and ensures a valuable investment.
At Solitaire Valley, we recognize that every potential homeowner has unique preferences and requirements. Our comprehensive portfolio includes a range of residential and commercial properties, each meticulously designed to cater to different lifestyles and budgets.
Our projects are designed to provide a comfortable and luxurious living experience. From spacious Apartments in Prayagraj to elegant Villas for Sale in Allahabad, we ensure quality and satisfaction in every aspect of homeownership.
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