45% of property seekers in NCR want to buy 3BHK homes: CII-Anarock report

58% of Indians want to buy properties priced between Rs 40 lakh to Rs 1.5 crore

Almost 45 per cent of people who want to buy property in the national capital region (NCR) prefer 3BHK flats, a report released on Tuesday said. On average in India, 42 per cent prefer 3BHK flats. In Mumbai Metropolitan Region (MMR), however, the demand for 2BHKs is higher than that for 3BHKs.

According to The Housing Market Boom report released by real estate consultancy Anarock and the Confederation of Indian Industry (CII) based on a survey of 4,662 respondents, 40 per cent Indians prefer 2BHKs, 12 per cent 1BHK, and 6 per cent want homes exceeding the 3BHK configuration.

Despite global headwinds including layoffs, quarterly housing sales reached an all-time high with 113,770 units sold by March in 2023 across the top seven Indian cities amid a significant rise in demand for high-ticket priced homes (priced over Rs 1.5 crore). According to Anarock, it is 14 per cent higher than the 99,550 units sold in the first three months of last year.

According to Anuj Puri, chairman of Anarock Group, layoffs by the companies are expected to have an impact on the demand in the next two quarters and dent the growth of the housing market.

"Many homebuyers impacted by layoffs may defer home buying decisions until their employment situation stabilizes," he said.

However, the turbulence will have passed completely by FY25. "Deferred demand is just that - it is put on hold, not destroyed," he added.

The report further said that millennials continue to drive housing demand. Of the total participants that chose real estate as an asset class for investment, at least 52 per cent were Millennials (born between 1981 and 1996) who are mainly looking to buy homes for self-use. 30 per cent were Generation X (born between 1965 and 1981) and 11 per cent were Generation Z (born after 1997).

At least 36 per cent of respondents are zeroing in on homes that will be ready for possession within a year. 58 per cent of the respondents want to buy properties priced between Rs 40 lakh to Rs 1.5 crore.

Apart from price points and basic amenities in a project, Indian buyers are now focused on three primary aspects - timely project completion assurance, the availability of a study room, and adequate ventilation in the property.

62 per cent insist on well-ventilated homes, and another 55 per cent of respondents consider a study room indispensable.