50pc NRIs prefer luxury properties priced over Rs 1.5 crore: CII-Anarock survey

Hyderabad: With several NRI property buyers preparing to return to India, the highest demand is for luxury properties, with almost 50 per cent NRIs preferring properties priced over Rs 1.5 crore, and 32 per cent favouring premium properties priced between Rs 90 lakh and Rs 1.5 crore. Only 11 per cent favour mid-segment homes (priced Rs 45-90 lakh), and just seven per cent favour affordable properties, shows a latest CII-Anarock study.

In a trend reversal, a much higher percentage of NRIs in the latest CII-Anarock Consumer Sentiment survey are scouting for properties for self-use. At least 53 per cent of NRI respondents who will buy properties in India in the coming months buy for end-use, 47 per cent for investment. The pre-Covid-19 survey in H1 2019 saw 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-infused uncertainties and dwindling job prospects globally. Most saw the top seven cities as the best options, though many are also considering smaller cities to be close to their families.

Anuj Puri, chairman, Anarock Group, said, “There has been a very perceptible increase in Indian housing demand from NRIs at this stage of the Covid-19 pandemic. In the recent years before Covid-19, many NRIs were in wait-and-watch mode amid the various structural reforms in the economy and the real estate industry. Before the pandemic, many NRIs keen on real estate preferred commercial properties – housing was low on their wish list.”

The survey also highlighted the demand for bigger homes. At least 48 per cent NRI respondents prefer larger homes of 3BHK configurations (over 1,500 sq ft) while 28 per cent favoured 2BHKs. A significant 24 per cent stated a preference for 4BHKs or higher configurations.

Puri added, “In the housing sector, affordable homes were the top pick for NRI buyers in this period. The fact that luxury housing is back on the NRI radar despite unaccounted monies no longer being a factor is notable.”

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