According to a survey by Knight Frank, 64 per cent of the ‘Mainstream Indian Segment’ that represents the mid-end income segment, expect the value of their primary residence to increase in the next 12 months. In the case of the Global Indian segment, which represents the higher-income segment, 32 per cent expect prices to rise.
Around 30 per cent of respondents in the survey expect rates to rise up to 9 per cent, while 25 per cent hope prices to rise by 10- 19 per cent and 6 per cent feel rates to appreciate by more than 20 per cent.
The survey “Indian Residential Buyer Preference Report – 2021; Living in the times of Covid-19”, showed Mumbai leading the chart in the country with 87 per cent of the respondents in favour of paying a premium to purchase a home in a branded residential property.
The survey also showed that 26 per cent of mainstream Indians had moved their residences within the pandemic period. “These relocations were motivated by factors like wanting more open space and proximity to friends and family,” it said. For Indian mainstream non-movers, 32 per cent were more inclined to move residences in the next 12 months.
An overwhelming 87 per cent of the respondents who desire to move homes in the next year, favoured the suburban neighbourhood of their current city of residence, while 13 per cent of respondents who want to relocate, may consider an alternate city.
Among other findings, 32 per cent of the respondents from the mainstream Indian segment expressed willingness to move into a new home in the next 12 months as a result of the pandemic, whereas 14 per cent from the Global Indian segment indicated a desire for relocation.