New Delhi, Aug 8
India's residential real estate market is witnessing a notable shift in buyer preferences, with the Rs 50 lakh to Rs 1 crore budget segment emerging as the most in demand, accounting for approximately 28 per cent of homebuyers in 2022, rising to 32 per cent in 2023 and further to 35 per cent in 2024, a report said on Friday.
Simultaneously, demand in the lower budget segment, or homes priced up to Rs 25 lakh, has declined from 16 per cent in 2022 to 14 per cent in 2024, ANAROCK said in a report, citing its AI data.
"Thanks to AI, it has become possible to create sophisticated ecosystems to analyse customer behaviour, predict purchasing patterns, and optimise sales strategies with unprecedented precision," said Aayush Puri, Head - ANAROCK channel partner and ANACITY.
Data from our proprietary AI tool ASTRA, which analyses consumer behaviour data from 2.8 million qualified leads via 74 different models, provides several interesting insights, Puri added.
The Rs 1-2 crore range has also seen steady growth in buyer interest, increasing from 14 per cent in 2022 to 17 per cent in 2024, underscoring a growing tilt toward mid-to-premium housing, the property consultant firm said.
According to the data, there has been a consistent shift toward older homebuyers during the period, with the proportion of buyers under 35 decreasing significantly. In 2024, buyers aged 36-40 represented the largest segment, while the under-25 demographic fell to just 4 per cent from 8 per cent in 2020.
"Our data shows that there has been a substantial increase in preference for homes above Rs 1 crore, rising from 18 per cent in 2023 to 32 per cent in 2024," Puri said.
This trend toward premium properties is particularly pronounced among buyers over 41 years of age, who are driving demand for homes in the over Rs 2 crore category, he added.
Concerning customer conversion timelines, the average days to booking increased from 25 days in 2022 to 28 days in 2024, ANAROCK's AI-enabled tracking showed.
Luxury properties above Rs 3 crore experienced a reduction in conversion time to 16 days in 2024, indicating that high-value customers make decisions more quickly once engaged, according to the data.
There has been a gradual decline in bookings via digital sources (developer and property aggregator websites) over the last three years.
On the other hand, bookings via channel partners - brokers and brokerages retained by developers to market their projects - gained higher prominence, the data stated.
In 2024, channel partners became particularly significant in the Rs 50 lakh-1 crore and above Rs 3 crore segments.
- IANS
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