With uncertainties increasing by leaps and bounds, family bonds have surfaced majorly to take centre-stage. While it is some who need the care and proximity, many others see themselves in the role of caregivers, hence the urgency to shift base
Covid times are indeed changed times and to think it will not impact NRI preferences in real estate would have been so wrong. A latest survey suggests that a home for self-use is what NRIs, Overseas Citizen of India (OCI) Card holders, are currently looking for. Earlier they aimed at investment opportunities, chiefly commercial plots etc that promised handsome returns but this option is something that has been clearly dumped by at least 53 per cent of them.
It is luxury properties priced below Rs 1.5 crore with 32 per cent in favour of premium properties priced between Rs 90 lakh and Rs 1.5 crore that they are looking for, in a trend reversal post COVID. Located in prime areas, luxury homes are big in size, constructed and finished with high-end materials and architectural details with state-of-art amenities. In India they include villas, bungalows, apartments and waterfront property.
With uncertainties increasing by leaps and bounds, family bonds have surfaced majorly to take centre-stage. While it is some who need the care and proximity, many others see themselves in the role of caregivers, hence the urgency to shift base. Remote working has thrown up endless opportunities as NRIs go re-inventing their lifestyle and preferences. Home-cooked food has gained new respect, finding a place of prominence on the dining table. Many admit the Work From Home (WFH) status has lead to several extended hours of work, leaving them with little or no me-time on weekdays.
With Covid in the backdrop, the bottomline now clearly reads, ‘Home is where the family is.’
In the midst of all this, it is the family that has proved to be the positive point, as the worth of its love and support nurtured the coping mechanism in these troubled times. Most are now looking for 3 BHK houses while some prefer 2BHKs. Though demand for luxury homes had fallen post Demonitisation, surprisingly demand for 4BHKs is also fairly high in these times. Homes (priced in the range of Rs 45-90 lakh) find favour with just 11 per cent looking for mid-segment, while only 7 per cent go looking for affordable properties.
The pandemic devoured huge slices of job prospects globally, the reason why several NRIs found themselves homebound, looking for self-use homes to stay close to their families. Here IT hub Bengaluru wins hands down in the race, closely followed by Pune, Chennai and Mumbai that are all high on the wish-list of NRIs. Many are also drawn towards tier 2 and 3 cities, notably Chandigarh, Kochi, Surat, Ahmedabad and Lucknow.
But then, playing safe, branded and leading developers are what NRIs scouting for property in India look out for, trying their level best to skirt around stuff like construction delays, at the same time keeping in sync with on-ground market developments. But then, holding on to each penny earned, particularly in Covid times, predictably so, it is after-sales service that features prominently among top priorities for NRI property buyers.
With Covid in the backdrop, the bottomline now clearly reads, ‘Home is where the family is.’
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