The percentage of consumer searches reveals that over the past years consumer preferences in both the 2 BHK and 3 BHK spaces have shifted to larger apartment sizes in the 1,250-2,000 sq. ft. range, said an ET report.
"The government's decision to increase the carpet area of houses eligible for interest subsidy will certainly attract more developers and homebuyers towards the segment. The PMAY has also offered tax breaks and incentives to builders for developing houses that meet end user demand," says Sudhir Pai, CEO, Magicbricks told ET.
Zeebiz.com citing the report wrote that there is a positive pent up demand for larger houses in affordable housing category. Consumer preference in the case of 2 BHKs is increasing in the 1,250-1,500 sq. ft. and 1,500-1,750 sq. ft. ranges. For 3 BHKs, it is increasing in the 1,250-1,500 sq. ft., 1,500-1,750 sq. ft. and 1,750-2,000 sq. ft. ranges.
Other than property sizes, the buyers are reportedly also keen to upgrade to better areas. The survey reveals that consumers are increasingly choosing relatively expensive localities.
As per the ET report, the mid-segment homes, priced at less than Rs 80 lakh, remains the largest segment by far, there has been a 10 per cent quarter-on-quarter growth in the category of homes in the range of Rs 80-150 lakh and there has been more than 40 per cent growth in this category.
The figures reveal a clear shift in consumer preferences towards the mid-level budget segment. However, growth in the luxury segment, which includes homes priced at Rs 1.5 crore and above, remains sluggish, with a marginal growth in the number of buyers from 52,000 to 54,000, the ET report added.