The NRI property wish list is HUGE and includes these 3 Indian cities.
According to a CII-Anarock poll on the top three destinations for NRI housing, Hyderabad, NCR, and Bengaluru are the most popular choices for NRIs when they pick assets in India. According to a poll conducted last year, Bengaluru, Pune, and Chennai were the top choices for most NRIs.
The research attributes the cause to the devaluation of the rupee’s value along with the expansion of the Indian real estate sector. MMR (Mumbai Metropolitan Region) is oddly ranked fourth on NRIs’ wish lists. According to the research, at least 60% of NRI respondents are likely to look for a home in one of these three cities, with 22% of respondents focusing on Hyderabad, 20% of respondents considering the NCR, and 18% of respondents preferring Bengaluru.
Of the 5,500 respondents who took part in the poll, 7 percent were NRIs who are now stationed in the US, Canada, the Gulf, Europe, and several Asian nations, according to the survey. Bangalore, Hyderabad, and the NCR had been the pre-Covid favorites (2019). Bangalore, Pune, and Chennai have been popular during the Covid period.
Notably, more NRIs invest in Indian real estate than in equities, mutual funds, gold, or fixed-term savings. Seventy-one percent of NRI respondents to our H1 2022 poll cited Indian homes as the best investment option. Compared to the pre-Covid edition’s fifty-five percent, this is noticeably better. Despite the worst of COVID-19 having passed, NRIs have not forgotten the risks associated with living abroad during a serious pandemic “According to Prashant Thakur, senior director and head of research at Anarock Group.”For Indians worldwide, finding a place to live became and continues to be a worry. While the desire to purchase a property remains strong despite rising domestic mortgage interest rates and asset prices, NRIs stand to gain significantly from the rupee’s decline against the US dollar.”
Within the first nine months of 2022, there has been a noticeable 15-20 percentage point increase in NRI demand for housing compared to the same period in 2021. According to Anarock Research, over 2.73 lakh homes were sold in the top 7 locations between January and September of 2022. On average, NRIs buy 10-15 percent of all homes sold in any given quarter, the author continues.
One of the key emerging trends in the post-Covid period is the need for bigger homes. The need for more living space has not decreased even though schools and workplaces have reopened. Many of the large IT companies and IT-driven start-ups nowadays operate using a hybrid working approach. The favorable change charge is another strong incentive for NRIs to maintain bigger homes. According to the most recent poll conducted for the first quarter of 2022, more than 77% of NRI respondents want to buy larger homes, with 54% of them favoring 3 bedrooms and 23% looking to acquire a 4-bedroom. Only 22% of NRI respondents now are looking for two bedrooms.
Sixty-three percent of NRI respondents currently choose luxury homes costing between Rs 90 lakh and Rs 1.5 crore. According to a poll conducted last year, 59% of NRIs preferred expensive homes costing between Rs 1.5 and Rs 2.5 crore.
Right now, a lot of NRIs are looking to relocate come back to India, and use such homes. Due to the recessionary dynamics brought on by the Ukraine-Russia war, the current financial situation in many countries is uncertain, although the Indian economy is noticeably better situated.
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