If you are a Non-resident Indian (NRI) looking to purchase property here, then this is a good time because the real estate market in India has never looked as lucrative in the last few decades as it does now.
Goa leads domestic demand for second homes, with a fifth of respondents interested in buying a second home in the state and experts expect the international airport at Mopa to have a multiplier effect on Goa, both as a destination for tourism and a state to own a home in.
Sales for vacation homes have sky-rocketed in the last couple of years. Purchasing a second home is often not just about investment, but also about a lifestyle choice, an alternate residence, a future residence, or simply diversifying assets.
Sixty seven per cent of high net worth individuals (HNIs) are planning to buy a luxury property in the next two years in order to upgrade their lifestyle, revealed a survey conducted by India Sotheby’s International Realty.
Perhaps the most important high point of 2021 for the Indian residential real estate market was that the real estate business did not come to a standstill despite the second wave of the pandemic, and shown resilience to come back from the lows of the uncertainty.
Lured by peace and private jetties, the wealthy are swooping in for villas in Assagao, Siolim, Nachinola and other parts of the state. Over the last two years, Goa’s languid charms have burst upon India’s high net worth individuals (HNIs), who are now swooping in for luxury homes.
After one of the most tumultuous years in modern history due to the COVID-19 pandemic, homebuyers are on the lookout for larger, greener properties. They are also moving towards suburbs, secondary cities and vacation destinations world over. Vaccines against the virus will bring urban centres back to life and high street life is slowly coming back.
While not many Indians are buying, developers have seen a spike in enquiries and demand from non-resident Indians in the ongoing financial year. Developers say a weaker rupee, return of several Indians from Middle East and lower interest rates for housing loans are some of the triggers. As many as 40,000 NRIs could be looking to purchase assets in India. If this demand gets converted into sales once travel curbs ease, this could be a “historical high”, he said.