Propcorner Research: Apartments most preferred by home buyers

More than 50% of Indians seeking to buy a house opt for an apartment and majority of them prefer a 2BHK apartment according to the research conducted by Propcorner.

As per the trend more than 50% of Indians are interested in buying an apartment as compared to villas or builder floor apartments and Mumbai is fast emerging as the preferred destination for home buyers as 96% of home buyers choose apartments over villas and builder floor apartments.

Surprisingly, demand for apartments in Delhi-NCR recorded lowest at 54% and the preference for builder floor apartments was 37% in Delhi and extremely low in other cities (2% in Mumbai, 1% in Bangalore, 3% in Chennai and no preference at all in Kolkata).

The overwhelming preference for apartments shows the growing acceptance of this property type amongst the urban population who prefer a standard lifestyle with various amenities at a reasonable cost.

2BHK housing units are the most preferred choice for more than 40% of home buyers in Delhi, Bangalore, Chennai and Kolkata. In Mumbai, 51% home buyers prefer 1 BHK owing to escalating property rates in the city.

However, 3BHK is the next most preferred configuration in Delhi-NCR, Bangalore, Chennai and Kolkata (on an average 20% home buyers prefer 3BHK in these cities) as most of the buyers look for a balance between spacious homes, amenities, luxury and afforbidibility. Only 6% home buyers prefer 3BHK in Mumbai stating affordability as the major concern in the region.

In Delhi and NCR, the tot investment destinations include Rohini, Uttam Nagar, Dwarka, Sector 16/Palam Vihar and Noida Extension and in Bengaluru the top 5 investment localities include Hormavu, K R Puram, Whitefield, Electronic City and J P Nagar.

On the back of infrastructural developments, Chennai has been transforming itself into a real estate hotspot. The top localities of the city preferred for investment are Perambur, Kolathur, Ambattur, Madipakkam and Chromepet.

In Kolkata, the top investment destinations are South Dum Dum, Dum Dum, Rajarhat, New Town and Garia.