Luxury housing is hotting up as HNIs such as top executives from global corporations and embassy personnel drive up demand for penthouses and farmhouses after the pandemic.
The Economic Times reported that some areas have witnessed a surge of 60 percent in luxury property rentals such as those in suburban western, central and south Mumbai and Delhi NCR's Golf Course Road, prime localities in south Delhi, JP Nagar in Bengaluru, and Jubilee Hills in Hyderabad.“Diplomats and foreign nationals working for MNCs who went back to their
respective countries are... coming back to India,” Samir Saran, managing partner, India Sotheby's International Realty, told The Economic Times.
Earlier this year the findings of the Sotheby's Luxury Housing Outlook-2022 indicated that 28 percent of HNIs had gone back to office full time before the third wave of Covid. Almost half of the respondents, though, continued to work in hybrid mode, spending anywhere between one to four days working from home.
The findings also showed that as many as 67 percent of HNIs were planning to buy luxury homes in 2022.
However, a Savills report suggests that a large number of HNIs prefers renting to purchasing. Rental prices in Delhi's south-central region increased the most, growing 60 percent in FY22.
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Real estate consulting firm Anarock group found that rents went up 14 percent in Rajajinagar in Bengaluru and 15 percent in Worli, Mumbai.
The demand for luxury residences since 2021 has not just been driven by HNIs looking to rent properties but also startup founders and veteran industrialists who have invested in luxury residences.
Earlier this year in May, Tata group chairman N Chandrasekaran purchased a duplex in a luxury high-rise called 33 South in Mumbai’s Peddar Road for Rs 97.85 crore.
Earlier this month Akaash Chaudhary, co-founder and managing director of Aakash Educational Services, bought a bungalow for Rs 137 crore in New Delhi’s diplomatic enclave Kautilya Marg. Zishaan Hayath, founder of Toppr.com, purchased a sea-facing apartment in Mumbai for Rs 41 crore.