‘Second wave impacts luxury home purchases’
The Hindu
‘Need for space had spurred demand’
The second wave appears to have impacted purchases of luxury homes by high net worth and ultra high net worth individuals, who were seen buying new homes last year to move to safer and sprawling locations. “Right after the first wave, people wanted to upgrade their homes with larger spaces, more amenities and open areas,” said Amit Goyal, CEO, India Sotheby’s International Realty. “They made quick decisions. Our average transaction closure time reduced from 4-6 months to less than 90 days,” he added. But during the second wave “demand has quietened,” Mr. Goyal said. “We expect demand to return as the country reopens and people are vaccinated.”
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