A recent ANAROCK-FICCI Homebuyer Sentiment Survey for H1 2024 has revealed that 53% of affordable housing buyers are dissatisfied with their options. Key issues cited include poor project location accessibility, low construction quality, and small unit sizes. The survey indicates that 92% of dissatisfied buyers consider project location their biggest concern, while 84% highlight construction quality as a major deterrent.

The survey notes a significant decline in demand for affordable housing since the Covid-19 pandemic, with affordable homes dropping from 40% of new projects in 2019 to just 17% by September 2024. Meanwhile, demand for larger homes remains robust, with over 51% of respondents preferring 3BHK units and 39% opting for 2BHKs.

Notably, the ratio of ready-to-move-in homes to new launches has shifted dramatically, now standing at 20:25, compared to 46:18 in 2020. This trend reflects buyers’ preference for projects from large, reputable developers.

Additionally, 57% of residential investors are focusing on steady rental income, driven by rising rental rates in major cities. While interest in affordable housing continues to wane, demand for premium and luxury homes has surged, with 45% of respondents preferring properties priced over INR 90 lakh, up from 27% pre-Covid.

The survey also highlights a growing preference for residential plots, particularly in southern cities, with 20% of buyers expressing interest in this option. Overall, real estate remains the most favored asset class for investment among 59% of respondents, underlining its ongoing appeal in the current market landscape.

Also Read: Maharashtra Government Announces Affordable Housing Scheme for 5,000 Dabbawalas

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