The NRIs pay attention to buy properties in cities like Bangaluru, Pune and Chennai in the range of Rs 1.5 Cr to Rs 2.5 Cr. Among the second-rung and third-rung cities, the focus is on Chandigarh, Kochi and Surat.
While 41 per cent buy properties for their residential purposes, 53 per cent of them are looking for houses in high-altitude areas. In fact, 65 per cent of buyers want bigger homes because of working from home and online classes’ culture, while 68 per cent prefer homes in outskirts.
At every stage, buyers have been using digital media to search for properties, for documentation, legal advice and to make payments and so on. Prior to Covid-19, the online searching for all these services was limited to only 39 per cent of the buyers. Now, it increased to 60 per cent.
Developers who have strong online marketing team and have presence in social media would be able to withstand the current situation. Anarock Property Chairman Anuj Puri said that people prefer buying properties that cost Rs 45 lakh and less as Covid impacted their financial position.
The demand for homes will attain its past glory following the fast- paced implementation of the COVID-19 vaccine programme, all sectors of economy resuming activities and revival of the job market.
