Preference for homes below Rs 45 lakh has fallen from 28% in H1 2022 to 18% in H1 2026. (File photo used for representational purpose)
A typical 2BHK budget range is Rs 1.6-2.5 crore in the central suburbs, Rs 1.8-2.6 crore in the western suburbs and Rs 3.3-4.5 crore in South-Central Mumbai. By comparison, the indicative 2BHK budget falls to Rs 90 lakh-1.2 crore in Navi Mumbai and Rs 95 lakh-1.4 crore in Thane. Peripheral central and western suburbs are considerably lower at Rs 40-55 lakh and Rs 42-58 lakh respectively. Anarock found that 20% of respondents affected by rising prices are considering peripheral locations, while 31% are considering renting instead of buying. Yet 43% have not changed their preferences, suggesting that the desire to own a home remains resilient. Sixty-five per cent of prospective buyers are at least moderately concerned about the recent rise in property prices, including 35% who are very or extremely concerned. But 44% intend to proceed with their purchase as planned. Only 18% may postpone indefinitely or cancel. Nationally, 48% prefer a 3BHK against 38% for a 2BHK. Preference for 4BHK-plus homes has also risen from about 3% in H1 2024 to nearly 5% in H1 2026. The Rs 90 lakh-Rs 1.5 crore segment has emerged as the most preferred budget range, chosen by 34% of prospective buyers. In contrast, preference for homes below Rs 45 lakh has fallen from 28% in H1 2022 to 18% in H1 2026. End-users account for 68% of prospective buyers, up three percentage points from H1 2025, while investment-driven demand has fallen to 32%. But 67% of respondents still consider potential resale value important or very important, and 58% attach similar importance to rental-income potential. Thirty-four per cent of respondents prefer new-launch properties, the highest level in the survey period, while ready-to-move-in homes account for 18%.
Because of Mumbai’s prices, so the connection should be viewed as a market implication rather than a direct survey finding, the survey does not establish that this shift is occurring specifically.
For a Mumbai buyer, therefore, the national “upgrade” from 2BHK to 3BHK is not simply a question of wanting another bedroom. MUMBAI: The Indian homebuyer is asking for more space—but Mumbai is asking a different question: how much space can you afford without giving up your location? The reason becomes clearer when the survey’s Mumbai price data is factored in. It can mean a substantial jump in the ticket size—or a trade-off between space, commute and neighbourhood. And that trade-off is increasingly influencing where buyers look. The broader Indian market tells a similar story. The bigger surprise is that higher prices have not substantially weakened the aspiration for larger homes. This is also reflected in budgets. For Maharashtra, this could strengthen the importance of Thane, Navi Mumbai and other peripheral MMR markets as buyers search for a larger home without completely abandoning the Mumbai employment ecosystem. Another important change is that buyers are becoming more financially calculating even when purchasing for themselves. In other words, even the family buying its own home is asking: Will this property remain saleable and rentable if circumstances change? That question is particularly relevant in MMR, where a buyer may be choosing between a smaller home closer to work and a larger one farther out. The other major shift is towards new launches.
Mumbai-MMR remains one of the few major markets where the 2BHK continues to dominate While 48% of prospective homebuyers across India now prefer a 3BHK. More than 40% of MMR respondents prefer a 2BHK, while the region also has relatively strong demand for 1BHK homes, according to Anarock’s H1 2026 Homebuyer Sentiment Survey. Ahmedabad, Hyderabad, Chennai and Delhi-NCR have crossed the 50% mark for 3BHK preference, whereas MMR, along with Kolkata and Pune, continues to favour 2BHKs.
That makes Mumbai a significant outlier in India’s post-pandemic shift towards larger homes.
Customer reviews/reputation and timely delivery are the two leading developer attributes, at 25% and 23% respectively, followed by construction quality at 20%. RERA compliance/transparency accounts for 5%. The larger national story, therefore, is not simply that Indians want bigger homes.
You Can Also Check: Gold Rate in Mumbai | Silver Rate in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Mumbai AQI | Weather in Mumbai | Petrol Price in Mumbai | Diesel Price in Mumbai | CNG Price in Mumbai | LPG Price in Mumbai Stay updated with the latest Mumbai news.
Amar Sarin, MD & CEO, TARC Ltd, said the demand for larger homes is being driven by the need for usable space, multi-generational families, privacy and wellness, flexible work arrangements and longer-term planning. Buyers are increasingly looking for homes that can accommodate work, recreation and changing family structures, he said. For buyers, this is a reminder that a lower launch-stage price or attractive brochure cannot substitute for checking the developer’s delivery record, project approvals, construction quality and regulatory disclosures. It is that buyers increasingly want more usable space and better quality—but are becoming far more calculating about what they pay for it. And Mumbai illustrates that tension most sharply: the aspiration may be 3BHK, but the price equation continues to make 2BHK the practical choice for a large section of MMR buyers. Download the TOI App.
But entering earlier also means taking greater execution risk.