NRIs opt for premium homes in select condominiums of metropolitan cities which boast of facilities that they have grown accustomed to while living in their adoptive countries.
The Indian real estate sector has been a primary beneficiary of the investment by Non-Resident Indians (NRIs). It received a renewed gush post the COVID-19 induced lockdowns. NRI investment in real estate is expected to grow at a sky-rocketing pace and increase up to 25.7 Billion dollars (US) by 2022. Several causative factors can trigger this surge.
Homebound NRIs
The pandemic affected people in several ways, those living abroad suffered economically- loss of job opportunities, the high cost of living, and psychologically-feeling stranded in a foreign land. The contagion cornered them emotionally too.
The urge to return to their homeland engulfed NRIs; realizing the importance of owning a home in India they started mulling over the prospect of returning to their roots. Owning a home in India, their native country was akin to having a safe haven amid the career uncertainties and job losses in their country of residence. For the distraught NRIs, a home in India is not just a brick and mortar structure for it provides them with a sense of security and safety amid the bleak pandemic circumstances.
Favourable conditions
Today, the Indian market conditions are at the most favourable juncture for NRIs. While the larger economies are struggling to revive, India is amongst the few nations poised to achieve a swift recovery. Returning to India at this point seems the most appropriate decision.
Over the years, the transparency in real estate operations has increased manifold, and thus, it has imbued confidence. Furthermore, the eased norms have made it easier for NRIs to buy homes.
The depreciation of the Indian rupee coupled with a significant drop in property rates has also made it a suitable time for NRIs to purchase a residential property in India. The stricter regulatory measures and enhanced consolidation have further espoused assurance and safety from fly-by-night builders and promoters.
Metropolitan cities emerge as the first choice
There has been a surge in inquiries for ready-to-move-in properties. It is a marked shift from the earlier trend, wherein most purchases were made either with the motive of investment or used for rental purposes. Furthermore, the enquiries are made in metropolitan cities as the NRIs are keen on finding an abode with adequate infrastructure and amenities.
Wellness being a key criterion, NRIs ensure that their homes in India have abundant green spaces and are equipped with other health amenities. Metropolitan cities are also preferred over other locations as they offer convenience and connectivity that is missing in smaller towns.
NRIs opt for premium homes in select condominiums of metropolitan cities which boast of facilities that they have grown accustomed to while living in their adoptive countries. The premium homes fall under the uber-luxury segment of Indian real estate and are highly-priced.
The piqued interest of NRI buyers has created a demand for these high-ticket size homes. The demand is leading to a surge in sales which has added to the revenue of the real estate sector and provided it with a new lease of life.
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