Non-residential Indians who wish to purchase a luxurious house in India can now rejoice as the government has come up with regularized norms and builders have introduced various affordable schemes. Buying a second home is no longer just a trend and has become indispensable from an investment point of view. The real estate market in India, which has been witnessing slow domestic and NRI sales, is now active after the government introduced FDI norms of bringing new partners, boosting capital and development possibilities for new projects. NRIs are choosing to book a luxurious house in India by setting their eyes on the best luxury apartment in Chennai, Bangalore, and other cities.
How has the interest of NRIs bounced back in the Indian real estate?
A survey recently revealed that the number of NRI inquiries to buy a luxury apartment in Chennai, Bangalore, Hyderabad, and other southern cities of India has witnessed a rise as compared to last year. A few other cities such as Mumbai, Delhi-NCR, Chandigarh, Dehradun, Kolkata, Ahmadabad, and Pune, have seen an increase in the average NRI interest by approximately 35%. It has to be noted that with the formation of the new NDA government, which is considered to be investor-friendly, there is a particular emphasis on real estate sector. Due to this, the NRI segment believes that investing in their homeland can be a sound investment decision rather than investing only in their current place of residence in their respective country. The survey also uncovered that when it came to purchasing a luxurious house in India, the southern cities of the country were more favorable. Unlike the earlier times, where NRI investment was only limited to residential areas, it has been found that investors are now looking at opportunities both in high-end residential property as well as commercial properties.
Why real estate companies are focusing on tapping the NRI market?
Many reputed real estate developers and builders have been actively working on garnering the renewed NRI consumer interest in the Indian real estate segment. They are using the traditional methods of promotions such as property-related trade shows, expos, exhibitions in the different overseas markets. They have been targeting places especially in areas of US and UK where a large NRI audience thrives. According to research, real estate developers are successfully expanding their distribution channels by entering into strategic partnerships with major MNCs and well-known companies. Arrangements like these have ensured that the Indian real estate businesses can attain a much higher volume of NRI investment. NRIs residing in developed countries such as US and Canada are keen on buying a luxurious house in India. The other NRIs who are seeking to invest in the Indian real estate markets hail from Singapore, Middle East, Australia, and South Africa.
Are apartments in townships a smart investment opportunity for NRIs?
Post elections, the Modi-led government has allocated a huge sum of funds for the infrastructure development of the country. Towns and smart city projects that are developed by real estate organizations create an emotional connect with the NRI audience. It makes them want to purchase a luxurious house in India not only for the sake of investment but because their family roots belong to the country. Such projects serve as money-making, long-term investment projects. Technologically advanced tools, amenities, and facilities add an impressive deal to such projects once the development is complete.
The Indian real estate prices are bound to shoot up in the next few years, so choose to make a wise investment decision by purchasing a luxurious house in India.
