More NRIs are steadily considering real estate investments in India, backed by the rise of the US dollar and other favorable market circumstances according to industry experts. The post-pandemic market conditions are more beneficial for NRI investments according to them. Reports indicate how 71% of NRIs are thinking of real estate investments in India as the best option, which is more than 55% in the pre-COVID times. Experts add that buying homes in India will always be a priority for those settled elsewhere. There are strong sentiments towards domestic ownership of homes, despite higher interest rates and prices alike. NRIs get a major advantage due to the depreciation of the rupee against the US dollar.
With dollar rates hovering at 82, industry experts view this as a great opportunity for NRI buyers to tap into the fast-growing Indian property market. Co-Founder and CBO-NRI Sales, Square Yards, Anupam Rastogi, stated that the sliding rupee to a record low threshold has opened up a novel and wonderful chance for expats to convert their money earned in foreign countries into lucrative investments. Nothing is better than deploying investments in property in this case, according to him.
Reports also indicate growth across major Indian housing markets, with residential prices going up in leading cities like Delhi-NCR, Mumbai, Hyderabad, Bangalore, Pune, and Chennai by close to 7% in 2022. They should maintain similar momentum throughout the years 2023 and 2024 as well, according to experts. Technological adoption and the willingness of developers for making use of available tools are key factors behind real estate’s growth story in recent times.
NRIs have also observed the change in industry functioning after the pandemic and RERA, leading to higher confidence regarding Indian real estate investments. Delhi-NCR, Bangalore, and Hyderabad were top investment choices for NRIs as per reports. 60% of NRIs surveyed will be purchasing homes in either of these cities, with 22% choosing Hyderabad. 18% picked Bangalore, while 20% chose Delhi-NCR. The NCR region already has several homes priced at Rs. 1 crore and less according to experts, particularly in Greater Noida and Noida. These are markets that could attract NRI buyers, particularly those in middle-income segments between 45-50 years, working in the UAE. These could be retirement homes for such buyers.
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Published Date: Nov 9, 2022
