Exploring the 35% Spike in NRI Interest in Indian Real Estate!
It looks like non-resident Indians (NRIs) are having a bit of a Swades moment! No, they’re not going back to their home country, but they’ve been buying property in India with enthusiasm. According to Business Insider, NoBroker’s co-founder and chief business officer Saurabh Garg has seen a 35% year-on-year increase in NRI investments in residential real estate in India. This trend is most likely due to their desire to live in gated communities with lots of amenities. Not only are these communities popular with NRIs, but also with affluent Indian citizens.
A few months ago, a construction company in Hyderabad announced the launch of a gated community project worth Rs 3.000 crore, which they said was the biggest in the city and had seen a steady rise in rental rates in the last few years. Garg says that these communities offer more than just security, but also a range of modern lifestyle amenities, which can lead to a better lifestyle and a higher return on investment if they decide to rent or sell later.
NRIs are investing more in real estate in India because of the convenience of investing, especially now that it’s all online. Research shows that the Gulf countries are mostly in demand, with Singapore, the US, and Australia having the highest demand. Chennai, Hyderabad, and Mumbai are also seeing a lot of demand. NRIs are also really interested in senior living projects, as they have access to healthcare facilities or connections with nearby providers, so their seniors can get medical care from the convenience of their homes. Garg says that the majority of NRIs are buying properties for their use or their parents.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
