Source: The Week ( https:\/\/bit.ly\/3NNaanj )<\/p>\n\n\n\n
Something\u2019s coming over India\u2019s real estate market. Especially in the high-end segment, change is in the offing, after nearly a decade of slow or stagnant growth.<\/p>\n\n\n\n
Among others, one of the most interesting trends to have popped up and is going strong is the demand for holiday homes.<\/p>\n\n\n\n
\u201cToday, there are not enough (holiday) homes to sell, compared to the demand for them,\u201d said Amit Goyal, managing director of India Sotheby\u2019s International Realty (India SIR), the local real estate wing of the famed auction house.<\/p>\n\n\n\n
Sotheby\u2019s should know, considering how the company has made hay while the sun shone on Goa, and its plethora of high-end holiday homes, over the past post-Covid years. As well-heeled Indians cooled their heels inside their city homes during lockdown and international flights got suspended, one of the first reactions was an instant uptick in the demand for holiday homes, especially in Goa.<\/p>\n\n\n\n
\u201cLarge business families, CXOs, professionals and start-up founders looking for a bespoke lifestyle make up the customer profile for luxury homes,\u201d said Goyal.<\/p>\n\n\n\n
The intense craze for prime holiday home properties in the sunny state contributed to a neat 10 per cent of India SIR\u2019s transaction values in the financial year 2023\u2014about Rs 3,600 crore. This included a big ticket sale of a villa in Goa listed at Rs 42 crore. \u201cGoa\u2019s on fire,\u201d quipped another senior Sotheby\u2019s official.<\/p>\n\n\n\n
The spike in demand for high-end properties after Covid has seen the company\u2019s revenues from about Rs 2,500 crore last year to Rs 3,600 crore this time. Buoyed by the robust demand, the firm is now aiming for a sales transaction turnover of one billion dollar by 2024, when it completes a decade of operations in India.<\/p>\n\n\n\n
While Goa is second in transaction value to Delhi NCR and Mumbai, interestingly realty professionals indicate that a good chunk of high-value properties in India\u2019s top tourist destination is snapped up by residents of the national capital. A close second and a recent trend? Residents of landlocked Punjab scouring for properties by the beach.<\/p>\n","protected":false},"excerpt":{"rendered":"
Something\u2019s coming over India\u2019s real estate market. Especially in the high-end segment, change is in the offing, after nearly a decade of slow or stagnant growth. Among others, one of the most interesting trends to have popped up and is going strong is the demand for holiday homes.<\/p>\n","protected":false},"author":1,"featured_media":428,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":""},"categories":[7,15,11,3,9,8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/427"}],"collection":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/comments?post=427"}],"version-history":[{"count":1,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/427\/revisions"}],"predecessor-version":[{"id":432,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/427\/revisions\/432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/media\/428"}],"wp:attachment":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/media?parent=427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/categories?post=427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/tags?post=427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}