Interest for luxury homes, farmhouses rising: Report

NEW DELHI: With high networth individuals (HNIs) being more resilient to the financial impact of the pandemic and real estate developers offering lucrative deals to liquidate their stock, there has been an increase in interest for luxurious properties, said a report. 

“This Target Group (TG) has not been impacted much by the pandemic. These homebuyers here have more time on hand to identify and shortlist  the house of their choice. Add to it, developers are offering a good deal,” said the FICCI and ANAROCK Report

Moreover, interest rates on housing are at their decadal lows and there has been a decline of almost 2 per cent in home prices over the last one year. Multiple real estate agents confirmed that developers are giving discounts of up to 20 per cent on high-end apartments which are priced over Rs 7.5 crore. 

According to the report, weighted average prices across the top seven cities have grown nominally at a compounded rate of 3 per cent between 2012 to 2019. It also noted that there was an increase in demand for farmhouses, mainly in Delhi NCR area. “The hope of owning a second home within salubrious, green surroundings is rising,” the authors pointed out.