45% of property seekers in NCR want to buy 3BHK homes: CII-Anarock report
- IBEF
- April 19, 2023
According to the Housing Market Boom report released by real estate consultancy Anarock and the Confederation of Indian Industry (CII), almost 45% of people wanting to buy property in the National Capital Region (NCR) prefer 3BHK flats. On average, about 42% people in India prefer 3BHK flats whereas in the Mumbai Metropolitan Region (MMR), however, the demand for 2BHKs is more than that of 3BHKs.
The report was based on a survey of 4,662 respondents and as per that survey, over 40% Indians prefer 2BHKs, 12% prefer 1BHK, and approximately 6% want homes exceeding the 3BHK configuration.
In March, 2023, the quarterly housing sales reached an all-time high of 113,770 units across the top seven Indian cities amidst a significant rise in demand for high-priced homes. About 58% of the respondents want to purchase properties priced between US$ 48,757-US$ 182,842 (Rs. 40 lakh-Rs. 1.5 crore)
Furthermore, the millennials are still driving housing demand, according to the report. At least 52% of all participants who selected real estate as an asset class for investment were Millennials (born between 1981-1996), who are mostly seeking to purchase homes for their own use. Generation Z (born after 1997) made up 11% of the population, while Generation X (born between 1965-1981) made up 30%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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