Home Buying trends In Indore

In the initial quarter of 2023, the residential property market in Indore experienced a highly promising start, garnering considerable attention from both investors and potential homebuyers.

In the first quarter of 2023, the real estate market in Indore demonstrated a striking combined supply and absorption rate, averaging 95.75% across various property types, including apartment complexes.

A total of 633 projects were successfully sold during this period, surpassing the previous quarter’s sales figures significantly. This surge in sales signals a substantial uptick in demand and increased activity in the real estate sector. Furthermore, there was a noteworthy improvement in inventory overhang, reduced by 4 months, indicating a more balanced equilibrium between supply and demand in the market.

Following the pandemic, there has been a notable trend among homebuyers to search for more spacious residences. Hence, the demand for 3 BHK homes in Indore saw a remarkable surge during the first quarter of 2023, with a striking 70% rise in comparison to the corresponding period in 2022.

The quantity of 3 BHK units available also experienced a significant increase, growing from 36 to 118. This growth in availability signifies an increasing preference for larger residential accommodations in the city, as reported by the SAA.

In the evolving landscape of the residential property market in Indore, the choice between 2 BHK and 3 BHK apartments becomes pivotal.

These have long been favoured by first-time buyers and young professionals due to their blend of affordability and comfort. They are ideal for those entering the real estate market for the first time, young professionals seeking a convenient living space, and real estate investors eyeing rental income opportunities.

The rising demand for 3 BHK apartments in Indore reflects changing preferences. They are perfect for growing families in need of more space and privacy, professionals requiring a home office setup, individuals seeking a luxurious living experience, and those thinking long-term with an eye on potential returns on investment.

Owning a 3BHK (3-bedroom, hall, and kitchen) property offers numerous advantages that make it a popular choice for homebuyers.

Here are some of the key benefits:

A 3BHK property provides ample living space, making it ideal for families. The extra rooms can be used as bedrooms, a home office, a guest room, or even a hobby room, offering flexibility and adaptability to changing needs.

3BHK properties tend to have better resale value than smaller units. They attract a wider range of potential buyers, ensuring a more liquid market and potentially higher returns on investment.

Families often grow over time, and a 3BHK property can accommodate this growth without requiring a move. It provides the necessary space for children as they grow or for elderly family members who may need care.

If you don’t need all the bedrooms, you can rent out one or two rooms to generate extra income, helping offset your mortgage or other expenses.

The hall or living area in a 3BHK property is typically more spacious, making it a great place for social gatherings, entertaining guests, and fostering a sense of community.

1. AB Bypass Road is set to deliver a lucrative return on investment, thanks to substantial investments from NRIs and the government.
2. AB Bypass Road seamlessly links with MR 10 and MR 11, providing excellent connectivity and convenient access to public transportation.
3. Due to its location on the outskirts, properties in this area come at significantly lower prices.
4. Another advantage of investing in a property outside the bustling city is the tranquil and peaceful environment it offers.

Over the past ten years, there has been a remarkable 89% reduction in unsold inventory, primarily attributed to robust property absorption rates and a decrease in the launch of new real estate projects. This trend reflects a healthier and more balanced real estate market, benefiting both buyers and developers.

Following the COVID-19 pandemic, the Indore real estate market is experiencing a promising resurgence. Evident through a continuous upsurge in the launch of new projects by diverse developers, this trend signifies renewed investor confidence and growing demand for residential and commercial properties in the region.

The Indore real estate market has demonstrated remarkable resilience, displaying consistent absorption rates even in the face of rising prices. This stability showcases the city’s robust property sector, which has managed to maintain investor and buyer interest, making it an attractive and enduring investment destination.

Here’s what 3BHK trends look like-

• The demand for larger apartments (3BHK & 4BHK) post-COVID has surged to levels reminiscent of 2014-15. After experiencing a significant peak in sales prices in 2016, the market is now stabilizing and is bolstered by strong absorption rates.
• The unlocking of reserve funds, reduced home loan interest rates, and the return of working professionals to the city due to reverse migration have all contributed to the increased demand for larger apartments.
• Currently, there is a greater preference for larger 3BHK/4BHK units, driven by shifting aspirational values and improved access to funding sources.

Here’s what 2BHK looked like-

• The increased supply of 2-bedroom (2 BHK) units has led to fluctuating price dynamics, creating challenges for absorption rates and subsequently causing a decline in the sales of these 2 BHK units. This oversaturation has disrupted the market equilibrium and impacted consumer demand negatively.
• The 2BHK has risen from the absorption of 1000 units in 2014 to a significant figure of 1300 units in 2023. The prime reason for this shift in the availability and absorption rates of 2BHKs traces to the average unit size and weighted average price. Both these factors have shown positive results.

• Meticulously designed modern community.
• Heavy plantation on the campus and around gardens.
• Weather trendy planning for a comfortable living environment.
• Emphasis on natural ventilation.
• Effective space utilization.
• Designer living room for added luxury.

• A project by the renowned Agarwal Group, known for trust and quality.
• Strategically situated near Nakhrali Dhani, CAT Road, Rau.
• Unparalleled infrastructure and unique facilities.
• Amenities include a clubhouse, kids’ play area, jogging track, gardens, gymnasium, swimming pool, steam sauna bath, temple, and an open-air theatre.

• Designed for optimum utilization of natural elements.
• Exquisite architecture that extends to the outside, creating a harmonious whole.
• Amenities such as a lavish clubhouse, swimming pool, table tennis, basketball court, volleyball court, tennis court, and gymnasium.

These developments cater to both 2BHK and 3BHK homes, providing a range of amenities and features for a modern and comfortable lifestyle in Indore.