According to a report by a property consulting firm, a new group of wealthy Indians who made their money on their own is investing in the country’s residential real estate.
The report also stated that India’s ultra-rich people (UHNWIs) bought more homes in 2021-22 than in the previous year.
Entrepreneurs are buying second homes more often because the residential market rebounded quickly after the outbreak of Covid-19. As of now, an Indian UHNWI, someone who has a net worth of $30 million or more, owns two homes in the country.
The head of a real estate consultancy firm said, “Many people have been investing in India’s real estate market lately. This is because real estate was seen as a safe and stable investment option in the face of economic uncertainty. Further, real estate continued to be a big draw for institutional investors.”
UHNWIs are looking to buy a new home in 2022, according to real estate agents.
These people prefer to invest in their own homes first, then in the UK, UAE, and the US markets.
“We are seeing a two-fold increase in the share of real estate in the overall investment portfolios of our UHNI clients, which is good news for us. In the last two years, stocks have done well, and there has been a rise in salaries in the IT industry. This has led to many people investing in real estate because it’s thought to be the most stable and safest way to make money. “People who work for a company that sells high-end homes, say, Bhavesh Kothari, the founder of Property First, says this.
Thanks to a boom in the start-up sector, the number of self-made billionaires in India has been growing. Many of these businesses have been getting money from venture capital firms and other investors at very high prices.
Indian UHNWIs grew by 11% in 2021, the report said. Between 2017 and 2021, 352 people made more than $1 billion each. This is the fastest growth of any of the major Indian cities. Afterwards, Delhi peaked at 12.4% and 210 people (9 per cent and 1596).
The report said that India came third in terms of billionaires in 2021, after the US and China.
“In 2022, people will be more likely to want to improve their homes because of the hybrid work model that is still going on. We are getting more calls, and sales are picking up. We’ve seen a lot of solid sales growth in the last year, with almost 90% of our inventions sold. “You can start now, ” said the company’s CEO, that builds real estate.
There were 46 new unicorns in India in 2021. This took the number of start-ups by at least $1 billion to 90. In 2021, Indian start-ups raised $42 billion, up from $11.5 billion in 2020, a significant change. It used to be that only one in 13 unicorns were born in India, but now that number has dropped to one in 13.
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