NRI demand for luxury homes is back: Anarock

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% 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% of the NRI respondents preferred properties within the high-end price bracket and most favoured affordable and mid-segment homes.

Further, three and four BHK options currently top their wish-list, it said.

The IT hubs of Bengaluru (24%) and Pune (19%) are seeing the highest NRI demand. Collectively, these two cities saw around 48,370 homes sold in 2020, accounting for a 35% 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% 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 is buying for end-use, not as investments," Thakur added.

According to the survey, at least 67% of the polled NRIs are looking for ready-tomove-in homes.

If we consider the overall survey trends, including NRIs and resident Indians, just 29% preferred to buy ready to move in homes, with another 27% respondents preferring under-construction properties that will be delivered within a year.