With the bull run in equities acting as a catalyst, India’s HNIs are back to buying multi-million dollar homes.
Not so long ago, homes sporting price tags in excess of $1 million (above ₹7.4 crore) were struggling to find buyers, due, in part, to a struggling economy. Since demonetisation in 2016, followed by the roll-out of the Goods and Services Tax (GST) in 2017 and the NBFC crisis in September 2018, the country’s real estate sector has seen a precipitous downturn. Now, thanks to a surging stock market, various Central and state initiatives, including a historic low interest rate regime, the demand for the segment is shifting north.
Notwithstanding Covid-19, India’s high networth Individuals (HNIs) are back to buying million-dollar homes — be it a 40th-floor apartment in Mumbai’s Lower Parel, a weekend home in the hills, or a bungalow in Lutyens’ Delhi.
SOURCE: FORTUNE INDIA