Mumbai (Maharashtra) [India], September 28 (ANI/NewsVoir): As per the CII-ANAROCK Consumer Sentiment Survey - H1 2022, demand for 3BHKs has outstripped that of 2BHKs for the first time.
At least 44 per cent of respondents preferred 3BHKs, followed by 38 per cent favouring 2BHKs.
In the survey's H1 2021 edition, 46 per cent preferred 2BHKs, and 40 per cent voted for 3BHKs. The demand share for 4BHKs has also risen - from 2 per cent in the pre-COVID survey to 7 per cent now.
The survey, conducted between January and June 2022, polled 5,500 participants responding via various digital platforms.
This is even more significant considering that the survey also highlights high inflation as a major cause of concern for respondent homebuyers. 61 per cent declared their disposable incomes as 'majorly impacted'. Most survey participants (92 per cent) predict that the economy will either stay at current levels or marginally improve over the next 12 months. In the H1 2021 survey, respondents were more bullish about the economy - at least 16 per cent expected it to improve significantly over the next one year.
"The demand for homes priced >INR 1.5 Cr continues to grow," says Anuj Puri, Chairman - CII Real Estate Knowledge Session on Tapping the Consumer Beat and Chairman - ANAROCK Group. "Compared to the pre-Covid 2019 survey, there has been a 4 per cent rise in the vote share for these homes - from 6 per cent pre-COVID to 10 per cent in H1 2022. Buoyed by the increasing demand for luxury homes, developers have also significantly increased the new supply in this category in H1 2022. ANAROCK data reveals that 33,210 units priced INR 1.5 Cr and above were launched across the top 7 cities in H1 2022. Contrastingly, H1 2019 saw just 16,110 units launched in this segment."
"The pandemic effect on home sizes continues - larger spaces in non-core urban areas remain in higher demand across the top cities. The reopening of offices and schools has changed little about this trend - as the increasing demand for the 3BHK configuration over 2BHKs vouchsafes," says Puri.
Interestingly, investors with an 8-10-year investment horizon have the most positive outlook in H1 2022. More than half of respondent investors feel that the current housing market is a better investment proposition than it was 12 months ago.
The survey also highlights that while ready-to-move homes still draw top buyer demand, the demand gap between ready and under-construction options continues to narrow. The ready vs. new launch demand ratio is 30:25 in the H1 2022 survey, while it was 46:18 in the H1 2020 edition.
Other Survey Highlights
Preference for real estate over other asset classes is growing. In the H1 2022 survey, 59 per cent of respondents prefer to invest in real estate, against 54 per cent last year
Buying homes with capital gains from other investment asset classes like the stock market and mutual funds is the top priority for millennials and Generation X - with 56 per cent and 38 per cent respectively voting in its favour
The residential market remains dominated by end-users, with 69 per cent of respondents looking to buy homes for self-use and 31 per cent for investment
Newly-launched properties gaining traction - 25 per cent of respondents now prefer new projects as against 18 per cent during the 1st Covid wave survey (H1 2020)
Download the CII-ANAROCK Consumer Sentiment Survey - H1 2022.
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