With recovery of the Indian economy, India’s real estate market appears to be more dynamic. A lot of Non-Resident Indians (NRIs) are also relocating to their country. Good growth prospects, good education system and the feeling of reconnecting with their native place are some factors that drive most NRIs towards India. Real estate has also advanced with modern technology and offers a wide variety to choose from- for mere investments or for relocating. India’s economy is booming and hence NRIs are looking towards returning to India for investment, at the same time maintaining their individual jet set lifestyle. India has been a great motivation for builders commercial/residential to come up with projects of international standards.
What does an NRI seek for in Indian Real Estate?
- Investment and the capital appreciation Indian real estate offers.
- A second home
- Maintaining an international lifestyle
- Immovable asset in your own backyard
- India’s globalization and maybe relocation
Recent trends point out that NRI investment for residential properties could serve as a second home, vacation home, mere lucrative investment or retirement home. Investing in commercial properties shows appreciating returns. The NRIs also enjoy a lot of SOPs and tax benefits. They can hold properties abroad as well as in India. Multinational companies offer lucrative jobs to NRIs who are returning to India.
Buying a house is not a herculean task for NRIs anymore as availability of NRI housing loan makes property investment a lot more convenient. A lot of the premier financial institutions and banks are offering loans to NRIs. With the government boosting confidence, NRIs are anticipating realty revival and looking for property purchases. They usually buy properties in or around their hometowns due to the emotional and sentimental attachment. They are also shifting focus towards the big metro cities of India instead of investing in Central London or Manhattan.
With the announcement of 100 Smart Cities, the government is also giving a great push to the infrastructure development in the country. With a whole lot of penthouses, condos and luxury apartments and villas in the market, the NRIs know that international level facilities are available for them and this is why they show renewed interest in the Indian realty sector. Most of the premium and high-end projects are being considered by the end users. So, there is a sudden surge in the NRI investment. Bangalore is turning out to be the most favorite followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.