In a trend reversal post-Covid, as many as 53% of non-Indian Residents (NRIs) are taking interest in properties in India for self-use. This means they tend to buy properties in the coming months for end-use with a possibility of 47% of the investment, a survey by CII-Anarock Consumer Sentiment survey showed. The pre-Covid survey in the first half of 2019 recorded a reverse trend with the end-use to investment ratio at 32:68.
One major factor influencing this change could be that many NRIs sought to return to India amid the pandemic-induced uncertainties and dwindling job prospects globally, the report revealed. Most NRIs saw the top seven cities as the best options. However, many are also considering smaller cities to be in close proximity with their families.
NRIs’ most preferred metros happen to be Bengaluru, Pune, Chennai and Mumbai. And most NRIs choose tier II and tier III cities like Chandigarh, Ahmedabad, Kochi, Surat and Lucknow.
As many NRI property buyers are preparing to return to India, the demand for luxury properties with state-of-art amenities is increasing. Around 50% of NRIs prefer luxury properties worth less than Rs 1.5 crore, while 32% chose premium properties priced between Rs 90 lakh and Rs 1.5 crore, revealed the report. Only 11% favoured mid-segment homes worth between Rs 45 lakh and Rs 90 lakh, and about 7% preferred affordable properties.
“Before Covid, many NRIs were in wait-and-watch mode amid the several structural reforms in the economy and the real estate industry,” Anuj Puri, chairman of Anarock Group, said, commenting on the survey findings. “Earlier, many NRIs keen on purchasing real estate preferred commercial properties, and housing was low on their wish list. This means the fallout of Covid on global economies and job prospects has rekindled housing demand from NRIs.”
The study also pointed out that the higher demand was for bigger homes. As much as 48% of NRIs preferred larger homes of 3BHK configurations, wherein 28% chose 2BHKs. About 24% expressed an interest in 4BHKs or higher configurations.
