The preference change is despite the fact that 55 per cent of Indians continued to believe their disposable income had been majorly impacted by inflation.
Representative Image.
Even amid the rising prices, the Indian buyers are keen on buying bigger houses as compared earlier, a recent survey said on Tuesday.
According to the FICCI-Anarock Consumer Sentiment Survey (H2 2023), in a trend reversal, 50 per cent of Indians now want to buy a 3BHK home, more than any other residential property type.
The survey highlighted that in 2022, the highest number of Indians — at 45per cent — wanted to buy 2BHK homes while in 2023, 37 per cent of Indians wanted to buy 2BHK homes.
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The preference change is despite the fact that 55 per cent of Indians continued to believe their disposable income had been majorly impacted by inflation.
As per the survey, 40 per cent respondents believed that inflation had a “moderate” impact on their disposable income while only 5 per cent said it was ‘insignificant’.
A significant reason for the inclination towards bigger homes may also be the growing preference towards open spaces as the report mentioned that 75 per cent of Indians now want to have balconies in their homes while 31 per cent even want to have a separate office or study space in their homes.
Giving an area-wise detail of the choices, the report said the demand for 3BHK homes was particularly high in Bengaluru, Chennai, Hyderabad and Delhi-NCR.
However, in the Mumbai Metropolitan Region and Pune, most people still preferred smaller homes.
FICCI Real Estate Committee chairman Raj Menda said there has also been a shift from renting to ownership.
“The realisation of the importance of owning a home, coupled with the favourable buying environment will continue to drive a strong home buying sentiment,” he said.
As per the survey, there has also been a change in the purpose of buying a home as more people are now buying properties as investments than ever before.
In 2019, 33 per cent of Indians bought homes for investment. This dipped to 26 per cent in 2020 while in the second half of 2023, it was 36 per cent.
These findings were based on a survey of 5,510 respondents across 14 Indian cities and revealed at the FICCI Real Estate Summit in Delhi.
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