Renewed housing demand from NRIs

Hyderabad: The fallout of Covid-19 on global economies and job prospects has once again rekindled housing demand from NRIs (non-resident Indians). In a recent survey,at least 53 per cent of NRI respondents, who scouted for properties in India, will buy properties in the coming months for self-use, while 47 per cent for investment.

As per the CII-Anarock Consumer Sentiment survey, there was a reverse trend with the end-use to investment ratio at 32:68 during pre-Covidtimes in H1 2019. 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. With many intending NRI property buyers preparing to return to India, the highest demand is for luxury properties with state-of-art amenities. The survey also highlighted the demand for bigger homes.

Significantly, 24 per cent NRI respondents prefer 4BHKs or higher configurations.At least 48 per cent prefer larger homes of 3BHK configuration around 1,500 sq ft while 28 per centin favour of 2BHKs. Almost 50 per cent prefer luxury properties priced above Rs 1.5 crore, and 32 per centin favourof premium properties priced between Rs 90 lakh - 1.5 crore.

Developer credibility is the top priority for most NRI respondents scouting for property in India. Construction delays have cast a long, persistent shadow of doubt in the minds of expatriate Indians who have spent many years abroad - and therefore out of sync with on-ground market developments.