Demand For 3BHK Outstrips 2BHK Among Homebuyers In First Half Of 2022

A sizeable 44 per cent of property seekers now prefer 3BHK as against 38 per cent of respondents who prefer 2BHK homes, according to a recent consumer sentiment report

Outlook Money Team

Updated on: 10 October 2022 2:41 pm

There is a growing demand for bigger homes across India now, and homebuyers are increasingly going in for pricier 3BHK as well as luxury homes, as against than the more affordable 2BHK homes, as was the case earlier in the pre-covid period.

The demand for 3BHK homes stood at 44 per cent for the first half of 2022 as against 38 per cent for 2BHK homes, according to the findings of the Consumer Sentiment Report H1 2022 of ANAROCK Property Consultants, a real estate company.

ANAROCK conducted this survey between January and June 2022. The online survey involved nearly 5,500 participants, who responded through different digital sources, including email campaigns, Web link and messages.

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According to the report, the demand for 3BHKs was the highest in Bengaluru and Chennai at 51 and 48 per cent, respectively.

In the Mumbai Metropolitan Region though, the demand for 2BHK was higher at 40 per cent compared to 37 per cent for 3BHKs, the survey revealed.

Hyderabad, where the demand for larger BHK configurations has historically been robust, is also experiencing some trend reversal. The city has witnessed maximum demand for 2BHKs. Over 49 per cent of respondents looking to buy a home in the city preferred a 2BHK, the survey said.

Interestingly, in Delhi-NCR, 45 per cent of respondents favoured a 3BHK compared to 42 per cent who voted for 2BHK homes.

Ideal Budget Of Homebuyers In H1 2022

According to the ANAROCK report, the mid-segment (Rs 45 lakh to Rs 90 lakh) is still the most preferred among homebuyers (for at least 34 per cent of respondents).

That said, there is a growing demand for the luxury segment, as well, which is slowly gaining traction.

“In comparison to the pre-Covid survey (in 2019), there has been a decent rise in the share of votes for luxury homes – from 6 per cent pre-Covid to 10 per cent in H1 2022,” says the report.

“The luxury segment priced upwards of Rs 1.5 crore has gained traction with home seekers, while demand for new launches is also rising in the wake of increased new supply by listed and leading developers,” says Anuj Puri, founder and chairman, ANAROCK Group.

According to an ANAROCK Research, as many as 33,210 luxury units have been launched across the top-7 cities in the premium segment priced between Rs. 90 lakh and Rs 1.5 crore, in H1 2022.