Rs 50 lakh–1 cr homes emerge as top choice, ANAROCK data shows changing buyer trends

ANAROCK, a leading real estate consultancy, has provided new insights into shifts in homebuyer preferences over recent years. Analysis of data from 2022 to 2024 shows that homes priced between Rs 50 lakh and Rs 1 crore are emerging as the predominant choice among buyers. This trend is concurrent with an increase in decision-making timelines, as revealed by the comprehensive data review.

The data reveals a consistent rise in the percentage of buyers choosing homes within the Rs 50 lakh to Rs 1 crore bracket, expanding from around 28% in 2022 to 35% in 2024. Meanwhile, there is a noticeable decline in demand for properties priced under Rs 25 lakh, with a gradual increase in the Rs 1-2 crore segment over the same period.

Further analysis indicates that the average duration from inquiry to booking has extended from 25 days in 2022 to 28 days by 2024, indicating a more prolonged decision-making process. Contrastingly, luxury properties priced above Rs 3 crore saw a quicker turnaround time, with booking timelines reduced to 16 days, suggesting expedited decisions among affluent buyers.

Aayush Puri, Head of ANAROCK Channel Partner & ANACITY, highlighted the growing interest in premium properties, noting, “Our data shows that there has been a substantial increase in preference for homes above INR 1 crore, rising from 18% in 2023 to 32% in 2024.” This shift is particularly noticeable among buyers over 41 years, who increasingly favour homes in the INR 2+ crore range.

The incorporation of artificial intelligence (AI) in real estate has been pivotal in understanding these evolving trends. Aayush Puri remarked, “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.” ANAROCK's proprietary AI tool, ASTRA, plays a crucial role in analysing consumer behaviour and offering insights into changing demographics and preferences.

A notable shift in buyer demographics is also apparent, with the 36-40 age group overtaking the 31-35 age bracket as the largest segment in 2024. The youngest and oldest age categories continue to hold the smallest shares within the buyer market.

There has also been a shift in buying channels, with a decrease in digital sources and an increase in channel partners and offline transactions. This transition was particularly significant in the Rs 50L–1Cr and above Rs 3Cr segments.

AI's role extends to enhancing property matchmaking, delivering a 95% accuracy rate in aligning buyer preferences with appropriate properties. This capability, alongside AI-driven lead scoring, is improving conversion rates by offering tailored recommendations, consequently transforming traditional real estate practices.

Summarising these technological impacts, Puri stated, "Data from our proprietary AI tool ASTRA provides several interesting insights... We have also tracked budget range and unit configuration preferences, and conversion or days-to-booking timelines." Such advancements are revolutionising brokerage practices by offering a more data-driven approach to understanding and catering to customer needs.