Luxury homes valued between 5 to 10 million INR and up to 100 million INR are anticipated to dominate the real estate market from 2022 to 2024, with longer decision-making periods reported - according to data from ANAROCK AI.
In the dynamic world of real estate, artificial intelligence (AI) has emerged as a game-changer, revolutionising the industry in India. One company at the forefront of this transformation is ANAROCK, a leading independent real estate services company.
According to recent data, the largest share of buyers in the INR 50 lakh-1 Crore budget range has significantly increased from 28% in 2022 to 35% in 2024. This shift can be attributed, in part, to the profound impact of AI on customer profiling in the Indian real estate sector.
From 2020, AI has been transforming how companies analyse and predict buyer preferences. ANAROCK, for instance, uses its proprietary ASTRA platform to analyse millions of leads using dozens of models, identifying buying patterns, preferred budget ranges, age groups, and unit configurations with up to 95% accuracy.
This advanced technology has led to enhanced customer profiling, replacing traditional intuition-based methods with sophisticated ecosystems that analyse multifaceted customer behaviour and market variables. As a result, challenges related to complexity and inconsistency in customer profiling have been overcome.
The impacts of AI extend beyond customer profiling. AI-powered platforms optimise sales strategies and customer targeting, leading to increased lead conversion rates and shortening the days-to-booking timelines. In fact, the average days from inquiry to booking increased only marginally, from 25 days in 2022 to 28 days in 2024.
Data-driven insights have also revealed shifts in buyer demographics and preferences. For example, there has been a growing preference for homes above INR 1 crore, with the percentage of such buyers rising from 18% in 2023 to 32% in 2024. Similarly, the analysis shows a growing preference for 3BHK units, which increased to 45% in 2024 from 38% in 2022.
Moreover, the age group of homebuyers has also evolved. There has been a gradual increase in homebuyers over 36 years of age, and a reduction in the 25-35 age group. The dominant buyer age group remains consistently 31-35.
ANAROCK, with its team of over 2000 certified and experienced real estate professionals, has been at the heart of these changes. The company has successfully completed over 300 exclusive project mandates within a period of two years, and manages over 80,000 established channel partners to ensure global business coverage.
In 2024, channel partners became particularly significant in the INR 50L-1Cr and above INR 3Cr segments. Interestingly, the share of buyers in the up to INR 25 lakh range decreased from 16% in 2022 to 14% in 2024, while the share of buyers in the INR 1-2 Cr segment rose from 14% in 2022 to 17% in 2024.
The average days to booking for luxury properties above INR 3 crores showed a reduction to 16 days in 2024. Buying sources have also shifted, with digital sources decreasing from 35% in 2022 to 30% in 2024, while channel partner sources and offline channels both rose from 2022 to 2024. Referral channels hover at 12%.
ANAROCK operates with a unique business model that combines traditional product sales with a modern technology platform. The company's services span Residential Broking and Technology, Retail, Commercial, Investment Banking, Hospitality, Land Services, Warehousing and Logistics, Investment Management, Research and Strategic Advisory & Valuations.
Under the leadership of Chairman Mr. Anuj Puri, a highly respected industry veteran, ANAROCK continues to lead the way in the Indian real estate sector, embodying its motto of "Values Over Value". As a company that leverages big data, predictive analytics, and machine learning, ANAROCK is enabling Indian real estate businesses to move beyond manual and fragmented methods, enhancing market responsiveness and operational efficiency.
References: [1] ANAROCK Property Consultants. (2021). ANAROCK's AI-Driven ASTRA Platform Revolutionizes Real Estate Customer Profiling. Retrieved from https://www.anarock.com/news/anarocks-ai-driven-astra-platform-revolutionizes-real-estate-customer-profiling
[2] ANAROCK Property Consultants. (2022). AI Transforms Real Estate: ANAROCK's ASTRA Platform Leads the Way. Retrieved from https://www.anarock.com/news/ai-transforms-real-estate-anarocks-astra-platform-leads-the-way
[3] ANAROCK Property Consultants. (2023). ANAROCK's ASTRA Platform: Driving Growth in Real Estate. Retrieved from https://www.anarock.com/news/anarocks-astra-platform-driving-growth-in-real-estate
[4] ANAROCK Property Consultants. (2024). AI in Real Estate: ANAROCK's ASTRA Platform Evolves with the Market. Retrieved from https://www.anarock.com/news/ai-in-real-estate-anarocks-astra-platform-evolves-with-the-market
- AI has significantly transformed the Indian real estate sector, with ANAROCK, a leading company, using its proprietary ASTRA platform to analyze customer preferences with high accuracy.
- The impacts of AI extend beyond customer profiling, optimizing sales strategies, shortening booking timelines, and revealing shifts in buyer demographics and preferences.
- In the housing market, there has been a growing preference for homes above INR 1 crore, 3BHK units, and an evolution in the age group of homebuyers.
- ANAROCK, with over 2000 real estate professionals, has completed numerous project mandates, managed thousands of channel partners, and is active in various real estate sectors.
- In 2024, channel partners became particularly significant in higher-end segments of the market, while the share of buyers in the lower-end segments decreased.
- As a company that leverages big data, predictive analytics, and machine learning, ANAROCK is embodying its motto of "Values Over Value," enabling Indian real estate businesses to move beyond manual and fragmented methods, enhancing market responsiveness and operational efficiency.
