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Smaller and affordable homes back in demand: PropIndex Survey
Are the days of swanky penthouses in Gurgaon over? As per the latest report of Magicbricks PropIndex there has been a sharp fall in demand for premium properties priced over 1 crore in Gurgaon. A reflection of similar sentiment can also be seen in property markets across the country where affordable housing gathered the maximum demand.

An increased demand was noted for smaller housing units (1BHK) across all cities. The latest edition of the PropIndex (Oct-Dec 2014) also shows an increased preference for mid-segment properties (Rs 20-40 lakh). City indices remained fairly stable. Delhi continued to display a negative trend with a drop of 1 per cent in the City Index. Riding high on the 'Modi' factor Ahmedabad recorded the highest rise of 3 per cent in the City Index value.

"Consumers have been actively looking for properties that match their budgets across the country. In its 15th edition, PropIndex reflected the reality of the real estate market in India which clearly gave a green signal for affordability and value for money homes," says Sudhir Pai, business head, Magicbricks.

Buyers high on the Rs20-40 lakh category

At the national level, the Rs 30-50 lakh category remained the most preferred, recording nearly 30 per cent demand. However, at the city level buyers opted for the mid-segment range. For instance, all cities except Gurgaon, Delhi and Kolkata saw a rise of 1-6 per cent in demand for the Rs 20-40 lakh category. In Delhi, the Rs 40-100 lakh range was in demand while Kolkata buyers sought affordable properties priced upto Rs 20 lakh.

In Gurgaon, buyers moved away from premium properties priced above Rs 1 crore with a drop of 12 per cent in demand. This demand shifted towards properties priced upto Rs 1 crore with a rise of 6 per cent each in the upto Rs 60 lakh and Rs 60-100 lakh categories.

1BHK in demand

The 1BHK category recorded a slight rise in demand. Across cities, there was an increase of 2-4 per cent in demand, except in Chennai and Hyderabad, which recorded a rise of 1 per cent each.

Gurgaon recorded a rise of 6 per cent in the demand for 2BHK units, matching the existing demand for the 3BHK category, which was the preferred segment last quarter.

Residential houses in demand

There was an increasing demand of 1-4 per cent for residential houses with a corresponding drop in demand for apartments by 1-6 per cent. However, in Chennai demand for apartments grew by 2 per cent.

In a year when end users were the biggest drivers and investors were lying low, demand for maximum usable area in housing units has resulted in a growing preference for independent houses with much lower loading of super area than apartments.

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