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According to a survey, consumers increasingly choose 3BHK over 2BHK

<p>More buyers are prepared to purchase larger, more costly apartments despite a notable rise in real estate costs. The FICCI-Anarock Consumer Sentiment Survey (H2 CY2023), which was made public on Tuesday, shows that 50% of Indians now want to purchase a 3BHK house, compared to 37% who prefer to purchase a 2BHK.</p>
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<p>The preference for 2BHK was higher in the second half of CY2022 (45%) than it was in the second half of CY2022 (42%). The poll found that Bengaluru, Chennai, Hyderabad, and Delhi-NCR are the cities where 3BHKs are most popular. 44% of respondents said they chose 2BHKs in the exorbitant Mumbai market.</p>
<p>According to a poll performed between July and December 2023 with around 5,510 online respondents, preference for 4BHKs and above units increased from 4% in H2 CY2024 to 6% in H2 CY2023. Conversely, choice for 1BHKs increased from 9% to 7%.</p>
<p>The poll findings show that premium and luxury residences are becoming more popular, even if the price range of Rs 45 lakh to Rs 90 lakh remained the most suitable budget for over 33% of potential purchasers. Nowadays, at least 26% of respondents said they preferred houses between Rs 90 lakh and Rs 1.5 crore. The market has seen an increase in demand for luxury residences costing more than Rs 1.5 crore. Compared to 12% of respondents in H2 2021, at least 20% of H2 2023 survey participants desire to purchase houses in this price range.</p>
<p>The poll also revealed that, in comparison to the previous survey, real estate has lost 3% of its position as the top asset class alternative.</p>
<p>Real estate is now ranked as the greatest investment opportunity by over 57% of respondents, with the stock market coming in second with 29% of respondents favoring it in the present climate. In the last year, the top 7 cities’ home prices increased by 10% to 24% on an annual basis.</p>
<p>The average flat size in the top 7 cities increased by 11% yearly last year, from 1,175 square feet in 2022 to 1,300 square feet in 2023, according to ANAROCK Group Chairman Anuj Puri. The poll also reveals that, for the first time, there is less demand for pre-built houses than for newly constructed ones.</p>