The information technology (IT) or tech hubs of Bengaluru and Pune are seeing the highest demand for luxury homes from non-resident Indians (NRIs) post-Covid-19. Collectively, these two cities witnessed about 48,370 homes sold in 2020 — accounting for 35 per cent share of sales among the top seven cities.
According to Anarock’s latest consumer survey, the top preferred cities for investment are: Bengaluru 24 per cent, Pune 19 per cent, NCR 16 per cent, MMR 14 per cent, Hyderabad 12 per cent, Chennai 10 per cent and Kolkata 5 per cent.
In an interesting twist to the post-Covid-19 real estate landscape, NRIs are once again scouting for luxury homes in India. The survey says, at least 73 per cent NRIs now prefer properties priced between ₹90 lakh and ₹2.5 crore. In the pre-Covid-19 survey (H2 2019), just 41 per cent preferred properties within this price bracket — the most favoured affordable and mid-segment homes. Three- and four-BHK options currently top their wish-list.
The survey further showed that at least 67 per cent of the polled NRIs are looking for ready-to-move-in homes. The overall trends of the survey (including NRIs and resident Indians) show that just 29 per cent prefer buying RTM homes, with another 27 per cent respondents preferring under-construction properties that will be delivered within a year.
Prashant Thakur, Director & Head – Research, Anarock Property Consultants said, “The Covid-19 pandemic has increased NRIs’ emotional association of long-term security with physical assets. 63 per cent of the polled NRIs state this as their reason for buying homes in India now. They are also driven by the uncertainties posed by Covid-19. Luxury properties have emerged as a hot favourite with NRIs because of the depreciating value of the rupee translating into greater buying power, coupled with ongoing developer discounts and offers. A majority of NRIs is buying for end-use, not as investments.”
