Image Credit: Clint Egbert / Gulf News

Dubai: The Indian real estate sector has been witnessing a growing trend in the luxury housing space, exceeding industry expectations and gaining the interest of several high-net-worth individuals (HNIs) and non-resident Indians (NRIs) post-pandemic.

And UAE-based Indian expatriates are among the most serious buyers of these ‘premium luxuries’ and ‘affordable luxury’ category homes in major cities across India. As per an industry study, a 40 per cent growth is expected in the sector’s revenue as demand for ultra-luxury homes priced above Rs5 crore has stirred the changing needs during the pandemic.

Developers exhibiting at the Gulf News India Property Show said they were able to garner several serious leads for properties displayed at the exhibition. The two-day event, which saw 60 developers showcasing more than 7,500 properties for NRIs, came to a successful close with participation from thousands of visitors on Sunday, December 11.

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Moreover, developers concluded at least 15 property bookings over the two days, said Inayath Sait, Chairman of Maxpo Exhibitions. He added that the range of properties exhibited includes land plots, mid to high-end apartments, and villas and bungalows.

Top properties on display

Homes by Puravankara Ltd., one of India’s largest real estate developers headquartered in Bengaluru, registered some serious interest from property buyers at the Gulf News India Property Show.

With a significant presence across nine tier-one cities in India, the developer recorded bookings from several visitors at the show. “We have properties ranging from Rs30 lakh (Dh133,696.06) to Rs10 crore (Dh4.4 million),” said CV Pavan Kumar, International Sales Head. Some developers said high-end apartments in cosmopolitan cities with good social and civic infrastructure were in high demand among buyers.

Prashant Mirkar, the Senior Vice President –Marketing and Sales – at House of Hiranandani, said the Gulf News India Property Show garnered several leads for the developer across the two days. “We were showcasing properties worth Rs3,000 cr (Dh891,307).”

Well-known for building integrated communities, Mirkar said several Indian expatriates were curious about the developer’s new project - Kandivali Castalia.

He explained, “Today, Kandivali West is a cosmopolitan Mumbai with good social and civic infrastructure. It is situated in the western region of Mumbai, separated into East and West by a rail route line. The premium residential project is on the arterial Link Road of Kandivali west. The two-bedroom apartments are priced at Rs2.5 crore (Dh1.1 million); three bedrooms are priced at Rs3.5 crore (Dh1.5 million).”

Mirkar said this project saw an uptick in interest from expatriates, especially those in the UAE. “Kandivali as an area in Mumbai has seen a massive property appreciation of 40 per cent in the last year alone. We hope to conclude deals from interests registered at the show,” he added.

‘Ultra-luxury projects high in demand’

Ayan Gupta, Vice President – Sales and Strategy of Brigade Group, also noted interest in the developers’ properties from Indian expatriates at the show. “We have brought projects worth Rs8,000 (Dh3.5 billion) to 9,000 cr (Dh9 billion) for the Gulf News India Property Show. One is the Brigade Residences at World Trade Centre – Chennai.”

“It is an ultra-luxury residential project that is a part of the same integrated development as World Trade Centre, Chennai - the tallest commercial space. The Indian expatriate population in the UAE are always interested in investing back home. Many are looking at their second properties to invest into, which is a very positive sign.”

Rambabu Boorugu, Managing Director, Pranava Group, was showcasing several projects at the show, one of which comes with a fancy view of a vertical garden. “It is a biophilic designed project. Also, it is pre-certified IGBC platinum. It is not easy to get this. We have an open space of 71 per cent on this project. Plus, we have used clay bricks from Kerala, which are heat resistant. Prices start from Rs13,000 (Dh579.35) per square foot.”

Boorugu said the 24-storey tower has two units per floor. “Between the units, we have a vertical garden growing which is a unique concept.”

Property prices go up post-pandemic
According to the developers, post-pandemic, square-foot prices for homes have also risen considerably. Vibhishek Pal Singh, Managing Director, Unique Builders, said property appreciation in Jaipur has been massive just after COVID-19. “Pre-pandemic average price per square foot rates were Rs7,000 (Dh311.96). Today it has shot up to Rs9,000 (Dh401) per square foot.

“One of our projects - IS Paradise - is a three, four and five-bedroom project uniquely designed in glass by AEDAS. We have taken the largest plot available in Jaipur to build this. It is located in the city centre with all the club facilities. In Jaipur, this is the only project with club facilities.” The triangle-shaped glass building has seen interest from local doctors and jewellery business professionals. We have garnered interest from Indian expatriates as well.” Singh said prices start from Rs1.72 (Dh766,524) crores up to Rs 10 Crores (Dh4.4 million).