Luxury Homes Worth INR 50 Lakh to 1 Crore Rule Market from 2022 to 2024, shows increase in decision-making periods - Data from ANAROCK AI
In the dynamic world of Indian real estate, a significant transformation has been observed over the past few years. According to ANAROCK Property Consultants Pvt. Ltd., India's leading independent real estate services company with a presence across India and the Middle East, key trends have emerged, revealing a shift in buyer demographics and preferences.
From 2020 to 2024, the real estate buyer base has aged, with a growing demand for premium and larger homes. The largest segment of buyers in 2024 is those aged 36-40, marking a notable decrease in buyers under 35, particularly those under 25. This shift reflects changing lifestyle needs and the impact of remote work trends.
Another notable trend is the preference for 3BHK units, which has increased to 45% in 2024 from 38% in 2022. On the other hand, the preference for 1BHK units has significantly decreased. This configuration shift mirrors the evolving needs of homebuyers, as they seek more spacious living solutions to accommodate their lifestyle changes.
Budget preferences have also moved up, with a substantial increase in demand for homes priced above INR 1 crore. This rise, from 18% in 2023 to 32% in 2024, indicates a shift towards premium property investments. Buyers over 41 years old are driving the demand for even more premium properties in the INR 2+ crore category.
Artificial intelligence (AI) has fundamentally transformed real estate customer profiling for leading property brokerages like ANAROCK. AI applications allow for data-driven customer profiling, lead scoring, and predictive analytics, enabling property brokerages to better understand and target buyers through personalized property recommendations, virtual tours, and chatbots.
AI-powered lead scoring improves conversion rates by about 30%, while predictive models help forecast market trends and shorten decision cycles for luxury homebuyers. High-value buyers are completing transactions faster, with the average conversion time reduced to 16 days for properties above INR 3 crores in 2024.
Property marketplaces enhanced with AI can match buyers to properties with 95% accuracy based on their preferences. AI chatbots interact with customers, provide personalized property recommendations, and take them on virtual tours. ANAROCK's AI tool, ASTRA, analyses consumer behaviour data from 2.8 million qualified leads via 74 different models.
However, traditional forecasting methods often fall short in capturing the intricate relationships between property attributes, market conditions, and customer preferences. AI-based lead scoring systems can improve conversion rates by 30% through personalized property recommendations, making them a valuable asset in the real estate sector.
Channel partner bookings have increased in prominence, particularly in the INR 50L-1Cr and above INR 3Cr segments. There has been a decline in digital source bookings over the last three years (2022-2024).
Aayush Puri, Head of ANAROCK Channel Partner & ANACITY, has revealed these significant shifts in buyer demographics and preferences using AI. The insights gained from AI platforms deliver measurable improvements in lead conversion rates, customer targeting, and overall business efficiency.
In summary, from 2020 to 2024, India's real estate buyer base has aged, with growing demand for premium and larger homes, and AI has driven efficiency and personalization in customer engagement, enhancing lead conversion and decision-making speed in the market.
- The housing-market trends of 2024 reveal an increased demand for premium and larger homes among the aging real estate buyer base, particularly those aged 36-40.
- Artificial Intelligence (AI) has significantly improved customer profiling and lead conversion rates in the Indian real estate sector, with AI-powered lead scoring increasing conversion rates by approximately 30%.
- Channel partner bookings have gained prominence in the INR 50L-1Cr and above INR 3Cr segments, leading to a decline in digital source bookings over the past three years (2022-2024).
- The shift in buyer demographics and preferences towards premium properties is driven in part by AI-based insights that deliver measurable improvements in lead conversion rates, customer targeting, and overall business efficiency.
