What’s on the Contemporary Homebuyer's Wishlist? Take a Look at Our Findings

The Indian real estate landscape has witnessed a significant shift in homebuyer preferences in recent years, particularly in the wake of the COVID-19 pandemic, heralding a new era of priorities and demands. As we delve into 2024, it becomes increasingly evident that these evolving preferences are reshaping the narrative of the real estate industry in profound ways.

Increased Preference for Gated Communities

One of the most prominent trends that has emerged post-pandemic is the escalating demand for gated communities across India. The desire for secure and safe living environments has never been more palpable, with individuals actively seeking refuge within gated enclaves. These communities offer a sense of security and exclusivity, coupled with a plethora of amenities, making them immensely appealing to urban homebuyers.

According to our recent consumer survey, a staggering 64 percent of potential homebuyers express a strong preference for homes within gated communities. This surge in demand is further fuelled by the burgeoning need for spacious living arrangements, as highlighted by a sixfold increase in high-intent search queries for 3+BHK apartments in 2023.

This trend of leaning towards bigger homes seems to stem from evolving lifestyles, as households increasingly prioritize larger living areas to accommodate various requirements, especially in a post-pandemic period characterized by the widespread adoption of hybrid work setups.

Ready-To-Move-In Properties Ascending in Homebuyers’ Priority List

Another conspicuous trend reshaping the real estate landscape is the growing preference for ready-to-move-in properties. With the gradual return to office spaces, there has been a notable uptick in demand for properties that offer immediate occupancy.

An overwhelming 80 percent of potential homebuyers are actively seeking ready properties, signalling a clear shift towards convenience and expediency.

However, the limited inventory of ready-to-move-in properties in the primary market has led to a surge in demand for resale apartments, propelling prices upwards and bridging the longstanding gap between their value and that of new units. Online search patterns underscore this shift, with 65 percent of homebuyers actively exploring resale options, heralding a robust demand for such properties in 2024.

Other Guiding Factors

Of late, trust and assurance have emerged as paramount factors guiding homebuyer decisions in the current market landscape.

With a resounding 58 percent of high-intent buyers prioritizing reputable developers with a proven track record, the emphasis on reliability and credibility has never been more pronounced.

Established players with a history of delivering on promises are witnessing increased preference over others and a relatively swifter inventory traction post-launch, underscoring the market’s inclination towards quality and reliability. Projects from these reputed developers command a significant 30–40 percent share in demand and supply across the top eight cities, enjoying a distinct advantage in a market characterized by limited quality developers and constrained choices.

Summing Up

In conclusion, the post-pandemic era has ushered in a new paradigm in Indian real estate, characterized by evolving preferences and priorities among homebuyers. The confluence of these emerging preferences is poised to redefine the real estate narrative in 2024 and beyond. Gated communities, larger configurations, and ready-to-move-in properties are not just experiencing heightened demand; they are also commanding a premium attached to the choice. As homebuyers gravitate towards secure enclaves offering spacious living spaces and immediate occupancy, developers are compelled to adapt to these shifting dynamics. The ability to offer quality options and uphold trust becomes a powerful value proposition, allowing established players to carve a niche and charge a premium in an increasingly discerning market. As developers strive to meet these burgeoning demands, the stage is set for a dynamic and transformative journey in the realm of Indian real estate.

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