Affordable housing:The latest ANAROCK-FICCI Homebuyer Sentiment Survey (H1 2024) reveals growing dissatisfaction among affordable home buyers. According to the survey, at least 53 percent of buyers expressed dissatisfaction with the available options due to factors such as poor accessibility to the project location, low-quality construction and small size of the units.
Anuj Puri, chairman of ANAROCK Group, noted that 92 percent of dissatisfied buyers identified location accessibility as a major issue, while 84 percent cited construction quality and design issues, and 68 percent were unhappy with the small size of the units.
As a result, the supply of affordable housing has reduced in major cities, from 26 percent of total launches in 2021 to just 17 percent in the first nine months of 2024.
In contrast, demand for larger homes continues to grow, with 51 per cent of respondents preferring 3BHK units, particularly in cities like Chennai, Hyderabad and Delhi-NCR, where more than half of buyers prefer larger homes.
A significant change in trend has been observed in the preference for ready-to-move-in homes, with the ratio of ready-to-new homes launched falling from 46:18 in the first half of 2020 to 20:25 in the first half of 2024.
Demand for premium and luxury homes has increased, with 28 per cent of respondents opting for homes priced between Rs 90 lakh and Rs 1.5 crore, up from 18 per cent before the pandemic. Interest in residential land has also increased, particularly in southern cities like Chennai and Bengaluru.
The survey also highlights a shift in investment motivations, with 57 percent of residential property investors now focused on earning stable rental income, driven by rising rental rates in cities.
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