Word is out that India’s realty sector, recently thumped by the pandemic, is on its way to a dominant revival, albeit with a renaissance. The past lockdown and uncertainty of life conjured up by the pandemic has refashioned our perception about our homes and surroundings.
The pangs of self-isolation, work-from-home, social distancing, while caged in our homes have made us look at things via a different kaleidoscope.
For many who have perhaps spent the longest time indoors due to this pandemic, have stopped taking homes as just a stopover or inn for the nights. They want their homes to be greener, have swathes of space, and a playground for fresh air and sunshine.
This light of awareness has egged homebuyers on to move up the property ladder in search of bigger abodes that tick all the boxes for hygienic and healthy living. And this mindset has created a flurry of demand for luxury and ultra-luxury homes from NRIs and HNIs who are returning back to their home soil, looking at the monumental change in market dynamics.
Temporary luxury market disruption withers away
The luxury residential market had gone off the radar with the commencement of the pandemic. With sales having thinned off already before the virus made head fall, realtors had their focus locked on smaller affordable homes. The pandemic however swerved the plans of the real estate developers as demand for bigger homes with personal amenities shot up.
The importance of being in an integrated township for the need for safety, security, conveniences, and facilities it offers, have pulled NRIs to invest in luxurious township projects.
Cities like Hyderabad, MMR, Gurugram, Noida are seeing maximum traction for homes above the 1 crore mark. In terms of property configuration, 3BHK & 4BHK homes are pulling demand. In Hyderabad, villas priced between 5 crores to 12 crores are flying off the shelf.
Nearly 100 premium luxury ready-to-move units have been sold within the period of April to June in Hyderabad. Doctors, businessmen, senior corporates in MNCs & NRIs were among the buyers; however, NRIs took away a chunk of properties in the bracket of 10-12 crores.
Real estate becomes top investment asset for NRIs
The importance of a home as a safety net in times of crisis, a rental income source, and lifelong security has buoyed its demand as a top investment asset. The depreciation of rupee against the dollar, low-interest rates, drop in luxury property rates, increased transparency, and greater consolidation in the sector has sweetened the deal for NRIs as they flock to Online Real Estate portals to book luxury homes that cater to their tastes and preferences.
Real estate developers have also chimed in to milk this sudden uptick in luxury property queries. Offers like innovative pre-payment plans, online mortgage payment facilities and rental guarantees, have played their part well to attract the foreign diaspora towards booking properties in India.
Also, the current volatility of stock markets has prompted NRIs to invest in real estate. Well managed projects with connoisseur services have been of immense value at this point in time.
Also Read: This is an opportunity time for NRIs to invest in Indian real estate says Square Yards’ GCC Head
NRIs bat for better designs and well-sanitized projects
It won’t sound too grandiose if we say that interior décor and architectural firms are playing a huge role in redesigning luxury project spaces according to the expectations of the new normal. Whether it is a villa, a super-luxury apartment, or a suite, real estate developers are hiring architects to tweak interior topographies with fresh insight.
With work-from-home measures slated to become a long-standing norm, the need for a dedicated study cum office space, an open living area, and a dedicated garden area have become top priorities for NRIs booking homes in luxury projects.
Besides re-evaluating in-unit aesthetics, NRIs are also looking at hygiene and sanitation facilities with sophisticated waste disposal measures and amenities with a bent of technology, so that cleanliness and health protocols are maintained throughout.
Real estate developers are rethinking luxury projects by anticipating the needs of the consumers. Open-floor plans with plenty of air circulation to minimize viral contamination, air, and water purification systems, generous kitchens and comfortable and semi-private office spaces are some of the customizations hovering in the minds of developers to make an impact on luxury homebuyers.
Looking at how the pandemic is unfolding; one can be legit enough to say that most NRIs will be looking to Buy Luxury Homes for personal use. Since luxury homes have a greater chance of attractive capital appreciation, investing in them during this period seems a sound deal. NRIs predilection towards aspirational lifestyle, the scope for better returns in the future and prevailing low price points of most luxury properties now, have provided the right catalyst for the blue-eyed segment of Indian real estate to get back to its pristine form and provide much succour to the sector.
