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Despite rising property prices and interest rates hikes in the last one year and more, demand for mid-range and premium homes remains high. The ANAROCK Consumer Sentiment Survey (H1 2023) indicates that at least 59% of the 5218 survey participants will buy mid-range and premium homes (priced from INR 45 lakh too INR 1.5 Cr). This is a 10% sentiment increase for homes in this budget category over the survey's H1 2020 edition.
The survey indicates that homes priced from INR 45-90 lakh are most favoured (by 35% respondent homebuyers), closely followed by 24% respondents preferring homes priced between INR 90 lakh to INR 1.5 Cr.
Among the top cities, demand for 3BHKs is particularly high in Bangalore (51%), Chennai (50%), Delhi-NCR (47%) and Pune (45%) where most respondents prefer 3BHKs.In Kolkata (52%), MMR (41%), and Hyderabad (47%), most respondents prefer 2BHKs.
The survey also highlights a noticeable demand shift between ready properties and new launches across different cities. As of H1 2023, the demand ratio of ready homes to new launches stands at 28:27, denoting a significant gap reduction compared to H1 2020, when the ratio was 46:18.
