HIGH-END VILLAS BEAT PANDEMIC BLUES

WITH MORE PEOPLE WILLING TO PAY A PREMIUM FOR OPEN SPACE, PRICES HAVE RISEN BETWEEN ₹5,000 AND ₹12,000 PER SQ. FT. IN CITIES SUCH AS MUSSOORIE AND SHIMLA IN THE LAST FEW MONTHS.

- SMITA TRIPATHI

IN JULY LAST YEAR, as soon as the lockdown was lifted, Delhi-based publicist Priya Singh moved to her holiday home in Goa along with her family. She worked out of Goa for the next few months. Singh had always used her holiday home — a villa with its own swimming pool in Goa’s Assagao area — as a getaway for only a couple of weeks in a year. But, suddenly it became a blessing in disguise. “After being stuck in our apartment in Delhi during the lockdown, we really appreciated the space the villa provided. With all of us working from home and kids doing online classes, we would rather be in Goa than in Delhi,” says Singh.

It was exactly this thought that spurred the demand for luxury real estate in India as the lockdown was lifted last year. “If the rolling lockdowns have taught us one thing, it’s to appreciate the safety of our homes. As soon as the first lockdown curbs were eased last year, we noticed an uptick in demand for vacation homes,” says Amit Goyal, CEO, India Sotheby’s International Realty, which offers advisory services for luxury properties. Buyers are also prioritising outdoor spaces. For India Sotheby’s International Realty, the January-March 2021 quarter was the strongest both in demand and transaction closures.