Now Consumer Search Bigger Houses In 2BHK & 3BHK Sizes : Magicbricks
Consumer Search Bigger Houses: Government’s recent decision to revise the carpet area for Pradhan Mantri Awas Yojana (PMAY) seems to be reflected in the latest Magicbricks Consumer Search Trends, which revealed that over the last 12 months consumer preferences in both 2 BHK and 3 BHK is now shifting to larger apartment sizes in 1250-2000 sq.ft.
Magicbricks Consumer Search Trends over a period of 12 months validates that consumers are not only opting for bigger homes but also prefer relatively expensive localities. Government’s decision, that comes into effect from January 1, 2017 for houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) will certainly boost transactions in affordable housing as Magicbricks Consumer Search Trends reveal a positive shift in pent-up demand for consumer preference towards larger houses in this category.
According to Magicbricks Consumer Search Trends, consumer preference in case of 2BHK is increasing in 1250-1500 sq.ft and 1500-1750 sq.ft and in 3BHK it is increasing in 1250-1500 sq.ft, 1500-1750 sq.ft and 1750-2000 sq.ft category.
The affordable homes segment is probably the only segment in the market where demand currently outstrips supply. 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.
PMAY has also offered tax breaks and incentives to builders to develop houses that meet end user demand. In the new regime of RERA and GST enforcement, buyers are protected from inordinate delays and poor construction quality. Technology, quality and timely delivery of rational sizes of housing units to drive the aspirational middle class to start buying without fear of delay.
A closer look at the budget-wise break-up also throws up interesting facts. While the affordable/mid segment of homes <80 Lacs remains the largest segment by far, there has been a 10 percent quarter-on-quarter growth in the 80-150 Lakh homes category which translates to an almost 40 percent + growth in the number of property seekers in this category from last year; thus indicating a shift in consumer preferences towards this mid-level budget segment. The upmarket segment of homes >1.5 cr remains sluggish with a small growth in buyers from 52K to 54K in this period.
Source Link- http://www.india.com/news/agencies/magicbricks-consumer-search-trends-reveals-consumers-are-now-looking-for-bigger-houses-in-2-and-3-bhk-sizes-2747577/