Bigger is Better: 50% of Homebuyers Seek Spacious Living as per FICCI-ANAROCK Survey

New Delhi, May 20, 2024: In a shift in consumer preferences, a recent survey by FICCI (Federation of Indian Chambers of Commerce and Industry) and ANAROCK Research reveals a surge in demand for larger homes in major Indian cities. The survey, conducted between July and December 2023, found that a significant 50% of potential homebuyers are prioritising 3 BHK (bedroom, hall, kitchen) configurations, compared to 38% favouring 2 BHKs.

Spacious Living Takes Centre Stage:

This trend marks a significant change from previous years, where smaller, more affordable units were in high demand. Experts attribute this shift to several factors:

• Work-from-Home Culture: The rise of remote working arrangements has blurred the lines between work and personal life, creating a need for dedicated workspaces within homes.
• Growing Families: With a rise in nuclear families, buyers are seeking additional bedrooms to accommodate growing needs.
• Increased Disposable Income: A rise in disposable income among certain demographics allows buyers to consider larger living spaces.

Location Matters:

The survey also highlights a regional variation in preferences. Cities like Bengaluru, Chennai, Hyderabad, and Delhi-NCR witnessed a stronger demand for 3 BHKs, while Mumbai and Pune continue to see a preference for smaller units due to higher property prices.

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Experts Speak:

"The demand for bigger homes is a clear indication of evolving buyer priorities," said [Name], industry expert (or relevant position) at ANAROCK Research. "The pandemic and the rise of remote working have redefined the concept of a home, making space a more significant factor for buyers."

Luxury Market Thrives:

The survey also revealed a rise in demand for luxury homes priced above Rs 1.5 crore, indicating a growing segment of affluent buyers seeking spacious and premium living experiences.

Industry Responds:

Developers are taking note of this shifting trend. The survey data suggests a growth of 11% in the average flat size across the top seven Indian cities in 2023 compared to 2022. This indicates a growing focus on larger apartment layouts to cater to the evolving needs of homebuyers.

The Future of Homes:

The FICCI-ANAROCK survey underscores a changing landscape in the Indian real estate market. As buyer preferences shift towards spacious living, developers will need to adapt their offerings to meet this growing demand.

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