Mumbai: In its latest report "Homebuyer Sentiment Survey - H1 2024", the Federation of Indian Chambers of Commerce and Industry (FICCI) and ANAROCK Property Consultants has unveiled significant shifts in homebuyer preferences and market dynamics in India's real estate sector.
The key findings from the report states that real estate remains the most preferred asset class for investment, with 59% of respondents favouring it. While 67% of buyers seek property for end use and 33% invest, demand for ready homes has declined significantly. The ratio of ready homes to new launches is now 20:25, compared to 46:18 in H1 2020.
Similarly, 51% of respondents prefer 3BHK units, showing increased demand for larger homes. The budhet between Rs 45 and Rs 90 lakh remains the most popular (35% preference), but there's a shift towards premium properties as 28% now prefer homes priced between Rs 90 lakh and Rs 1.5 crore.
Sandip Somany, Past President, FICCI and Mentor, FICCI Committee on Urban Development and Real Estate & CMD, Somany Impresa Group, said, "The Indian real estate sector has shown remarkable evolution. The significant shift in consumer preferences away from ready-to-move homes towards under-construction properties indicates growing confidence in developers and the regulatory environment. This trend reflects a maturing market and the positive impact of regulatory measures like RERA."
The comprehensive survey gathered responses from 7,615 participants across 14 cities, revealing significant shifts in homebuyer preferences and emerging trends in the Indian residential real estate market.
Pramod Rao, Executive Director, SEBI, underscored the importance of regulatory frameworks in driving sustainable growth in the real estate sector. He stated, "Investor confidence is vital for the industry's long-term success, and SEBI’s focus on transparency and governance has been key in building this trust." Rao emphasised that strong compliance and better disclosures will be crucial in attracting institutional investments.
