April 11, 2022
The coronavirus pandemic had slowed down the investment spree in the real estate market but the reopening of the property markets has led to an increased interest of the uber-rich in the real estate sector. According to a recent survey, the HNIs and the ultra-rich investors are very keen on investing in the property market, especially in the properties segment of over ₹5 crore.
Analysts believe that as the real estate market is resurgent and positive of a robust recovery in the year 2022-23, the luxury real estate market will naturally pick up and aid in the overall real estate recovery cycle.
If the metro cities of Delhi and Mumbai are taken as samples, the year 2021 saw multiple property deals worth over 100 crores.
“The commercial capital of Mumbai is preferred by the ultra-rich. In this case, the short term stamp duty waiver announced in the wake of the Coronavirus crisis played a huge catalyst for the high-end property transactions. The High Net Worth Individuals (HNIs) made use of the occasion and saved a significant amount in stamp duty charges. We believe that the high-value investors who are continuously on the lookout for high-end properties go for only branded and established developers with a proven track record. It makes sense as the investors do not want to run into any trouble due to the procedural flaws from the developers’ side," said Annuj Goel, MD, Goel Ganga Developments.
Nakul Mathur, MD- Avanta India said Delhi has remained the hot favourite of the uber-rich. Multiple deals of up to ₹1000 crore were registered in the capital in the year 2021. Areas such as Lutyens’ zone, Vasant Vihar and South Delhi remained the hot real estate destinations. We believe that trend will remain the same in the upcoming year.
Suren Goel, Partner- RPS Group said one trend that will rule the luxury market is the preference for ready-to-move-in properties. The luxury investors are wary of believing in promises of under-construction properties and want immediate possession.
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