The recent survey by Knight Frank, titled "Banking on Bricks" and encompassing 1,629 respondents, reveals key trends in Indian urban homebuyer preferences. The findings highlight a dominant preference for apartments, with 52% of respondents favouring them. Studio apartments and independent houses or villas follow, preferred by 19% and 17%, respectively.
Gated communities and plots of land are less popular, chosen by only 7% and 5% of respondents. Homeownership is strongly favoured, with 80% of respondents preferring to own a home compared to 19% who prefer renting, and 1% who remain uncertain. This trend is consistent across generations: 79% of Baby Boomers, 80% of Gen X, and 82% of Millennials favour homeownership.
However, Gen Z shows a higher tendency towards renting, with 27% preferring this option. Reasons? The reasons for purchasing a home vary by generation. Millennials (39%) and Gen Z (36%) are leading the trend in upgrading and purchasing for end-use.
Baby Boomers show a stronger interest in investments (29%) and retirement plans (15%). Overall, 37% of respondents are upgrading to a better home, reflecting a shift towards mid-range and luxury housing, particularly in Tier 1 cities. Additionally, 32% are first-time homebuyers for end-use, 25% are investing, and 7% cite other reasons such as retirement or acquiring a second home.
Shishir Baijal, Chairman & Managing Director, of Knight Frank India, said “India's real estate sector is not only pivotal to our economic g.