Due to the rupee’s depreciation, NRIs are more interested in Indian real estate
The interest in luxury housing in India rose exponentially after the pandemic. A recent estimate indicates that sales in this segment surpassed affordable housing by at least one percent.
The pandemic was a major factor in the growing buyer interest in the luxury segment because this was the period when people realised the importance of large, open spaces. A popular option among buyers is an apartment with an area of at least 2,500 sq ft.
In addition, the construction of many new projects that had stalled because of the pandemic has accelerated and is close to completion. This is partly due to developers realising the growing customer interest in premium housing has launched new luxury projects. For buyers, this meant they had a choice of localities.
The Times of India mentioned that this momentum will be retained until the last quarter of this FY, emphasising that this will be evident in top realty hubs such as Delhi, Gurugram, Mumbai, and Noida.
As compared with affordable housing, the luxury sector has seen relatively higher price appreciation due to the recent boost to the premium sector.
The Financial Express reported that in Q1 2022, the luxury segment generated 12 percent of overall sales due to the increased demand from high net worth individuals (HNIs) and non-resident Indians (NRIs).
Due to the rupee’s depreciation, NRIs are more interested in Indian real estate. Investments made in this segment reached approximately USD 13.1 billion in 2021 and are estimated to grow 12 percent this year.
Wealthy individuals purchasing larger, multiple homes are boosting the Indian luxury real estate segment, according to the Ahmedabad Mirror.
Apart from that, millennials, who make up a large portion of buyers, are very particular about the location and the type of property they are buying, especially those who have experienced luxury so closely that they want their homes to be as exclusive as they can get.
The Property Report editors wrote this article. For more information, email: [email protected].
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