New Delhi: Demand for luxury homes in India has improved among the Non Resident Indians (NRI) in the post-Covid scenario, according to Anarock’s latest consumer survey.
The Anarock report said at least 73 per cent NRIs now prefer properties priced in the range of Rs 90 lakh to Rs 2.5 crore.
In the pre-Covid survey (2nd half of 2019), just 41 per cent of the NRI respondents preferred properties within the high-end price bracket and most favored affordable and mid-segment homes.
Further, three and four BHK options currently top their wish-list, it said.
The IT hubs of Bengaluru (24 per cent) and Pune (19 per cent) are seeing the highest NRI demand. Collectively, these two cities saw around 48,370 homes sold in 2020, accounting for a 35 per cent sales share among the top seven cities.
Prashant Thakur, Director and Head of 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.”
He said that NRIs are also driven by the uncertainties posed by COVID-19. Luxury properties have emerged as a hot favourite with NRIs because of the depreciating rupee value translating into greater buying power, coupled with ongoing developer discounts and offers.
“A majority of NRIs are buying for end-use, not as investments,” Thakur added.
