The covid-19 pandemic came with a dismantling impact on the personal disposable of common people out there. Consequently, most of the sectors were severely hit during the past one year and real estate was amongst the worst-affected ones. If affordable and mid-range housing project builders and realtors are struggling, the state of luxury real estate projects was even worse.

However, the luxury real estate segment surprised all to make a steady recovery as the lockdown eased out in India. This came as a surprise to many as buyers started looking to upsize and spend more time at home while looking to invest in services that bring them the quality of life without compromising on the luxury quotient.

The luxury and premium sectors of the real estate industry have witnessed an almost 80-85% recovery in recent months. People have been seeking out stable assets, comfort as well as sustainability, and what’s a better asset class than in real estate, especially luxury real estate.

NRIs eyeing luxury homes
The lockdown resulted in a complete ban on international travel which had left the Indians restricted at home only. Moreover, most of the NRIs living abroad came back to India either permanently or on a temporary basis. So, many of them began house-hunting here in the luxury segment across the top seven cities of the country.

According to a recent survey, NRIs targeted the  IT hubs of Bengaluru (24 per cent) and Pune (19 per cent) while buying homes in India. The survey also read that 73 per cent of NRIs now prefer properties priced between Rs 90 lakh to Rs 2.5 crore that resulted in 48,370 homes sold in 2020 alone in the aforementioned two cities.

A sharp decline in pricing
The markets crashed during the pandemic that resulted in a vulnerable state for almost every prevailing sector. In these tough times, banks came out to rescue with their loans to common citizens at a lower interest rate. Also, the governments took special steps while keeping the real estate sector in mind.

People witnessed some beneficial measures taken by the governments that included the likes of lower stamp duty and reduced circle rates. This promoted the home buyers to make a wise investment with a long-term picture in mind. Also, stock markets got in a terrible situation during the lockdown and as a result, people shifted towards properties as an alternative.

Creative marketing techniques from brands
Most of the things took an online route during the lockdown as people were either restricted or preferred being at their homes. Meanwhile, brands too adapted to this dynamic process and came out with several creative marketing techniques to target their products.

Most of the companies dealing in the luxury space started personalised branding where they connected with their existing and potential customers over video calls. This helped them build a one-to-one connect, resulting in better conversions.

Things didn’t turn up the way everyone anticipated for the luxury real estate sector. Various properties in this segment including the likes of premium apartments, villas, and farmhouses saw tremendous growth in the past some time. 

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