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Housing Sales Up By Over 63% In H1FY23: Survey

First half of 2023 (H1 2023) recorded highest housing sales of about Rs 2.29 lakh across seven major cities. Sales took of despite of increase in interest rates and housing prices, as per Anarock consumer sentiment survey.

There is still a strong demand for mid-range and luxury properties, with 59 per cent of purchasers selecting residences between Rs 45 lakh and Rs 1.5 crore, it noted.

According to the survey, residences priced between Rs 45 and Rs 90 lakh are the most popular, followed by homes priced between Rs 90 and Rs 1.5 crore by 24 per cent of respondents. This represents a 10 per cent sentiment improvement for houses in this price range compared to the H1 2020 poll.

Additionally, it was shown that 52 per cent of millennials and 35 per cent of Gen X respondents plan to purchase homes in the future with investment profits from other asset classes.

In the post-pandemic market, 3 BHKs continue to be in great demand, with 48 per cent of respondents choosing this layout in the current poll (up from 41 per cent in the H12022 study). According to the report, Bengaluru, Chennai, Pune, and Delhi-NCR had the largest demand for three bedrooms, while Kolkata, the MMR, and Hyderabad had the highest demand for two bedrooms.

Over 66 per cent of respondents in the H12023 survey reported that high inflation had an impact their disposable incomes, compared to 61 per cent in the H12022 survey, indicating a greater financial burden on people and households, the report stated.

It observed that the need for affordable housing has further decreased and now only accounts for 25 per cent of total housing demand. From 28 per cent in H1 2022 and 40 per cent in H2 2020, the demand for residences under Rs 40 lakh has sharply decreased to 25 per cent in H12023. This target population has been severely hurt by inflation and the economic slump, the study found, prompting a cautious “wait and watch” attitude, it mentioned.