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NRIs eye luxury homes post-COVID-19, says ANAROCK survey
In an interesting twist in the post-COVID-19 real estate landscape, NRIs are once again scouting for Indian luxury homes. As per ANAROCK’s latest consumer survey, at least 73% NRIs now prefer properties priced between INR 90 lakh to INR 2.5 Cr.
In the pre-COVID survey (H2 2019), just 41% preferred properties within this price bracket – most favoured affordable and mid-segment homes. 3 and 4BHK options currently top their wish-list.
The IT hubs of Bengaluru (24%) and Pune (19%) are seeing the highest NRI demand. Collectively, these two cities saw approx. 48,370 homes sold in 2020 – accounting for a 35% sales share among the top seven cities.
Top Preferred Cities for Investment | |
Bengaluru | 24% |
Pune | 19% |
NCR | 16% |
MMR | 14% |
Hyderabad | 12% |
Chennai | 10% |
Kolkata | 5% |
According to the survey, at least 67% of the polled NRIs are looking for ready-to-move-in homes. If we consider the overall survey trends (including NRIs and resident Indians) just 29% preferred to buy RTM homes, with another 27% respondents preferring under-construction properties that will be delivered within a year.
Preferred Construction Stage | |
RTMI | 67% |
To be ready in 6 months | 14% |
New-launches | 10% |
To be ready within a year | 9% |
Of the total 24% survey respondents who already booked properties in the last six months, at least 38% were NRIs looking to make the most of the prevailing market conditions in India, including discounts, offers and lowest-best home loan rates.
Eighty-six per cent of the polled NRIs will only consider properties by branded developers who have the highest project completion capabilities, resulting in the lowest execution risk. Another reason for this choice is NRIs’ desire to buy into projects with international-grade amenities.
According to the survey, most of the polled NRIs seeking property in India are aged between 35-45 years of age. Among all NRI respondents who participated in the survey, close to 68% considered real estate as the best asset class for them at this time.
Regarding their outlook on residential property prices, at least 44% respondents felt that prices will remain stable in the short-term (i.e. 12 months), while 27% feel they will increase during the year. Over the long term (i.e. in 5 years), 92% NRI respondents think prices will increase.
Pricing Outlook | ||
1 year | >5 year | |
Prices will increase | 27% | 92% |
Can’t say | 11% | 0% |
Prices will be stable | 44% | 6% |
Prices will decrease | 18% | 2% |
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