According to a report by CII-ANAROCK titled “The Housing Market Boom,” 45% of property seekers in NCR and 32% in MMR are inclined to purchase 3BHKs. The report revealed that 52% of participating property investors were millennials, highlighting that millennials continue to drive housing demand. The end-user-investor ratio stands at 71:29, and over 77% of surveyed end-users are millennials. The report surveyed 4,662 individuals, of whom 58% were seeking to purchase properties priced between INR 45 lakh to INR 1.5 crores.
The report also highlights that 96% of surveyed buyers confirmed that further home loan rate hikes would affect housing demand.
Anuj Puri, Chairman of the CII Real Estate Confluence 2023 and ANAROCK Group, states that recent layoffs by large and small corporates may impact demand in the upcoming two quarters and dent growth in the housing market. However, he adds that the housing market will bounce back as deferred demand is merely put on hold, not destroyed.
Apart from price points and basic amenities in a project, the surveyed buyers are now focused on timely project completion assurance, the availability of a study room, and adequate ventilation in the property. Over 90% of surveyed homebuyers will not compromise on timely project completion, 62% insist on well-ventilated homes, and another 55% respondents consider a study room indispensable.
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