The Indian real estate market is experiencing a surge in investments from Non-Resident Indians (NRIs) as they shift their focus away from properties in Dubai. Here are some key highlights of this emerging trend:
1. A leading property developer in Gurgaon recently sold 1,100 luxury apartments, with 250 purchases made by NRIs.
2. Post-pandemic, NRIs account for approximately 26% of sales in new residential projects, attributed to improved regulations and transparency.
3. In areas like Powai, Thane, and Panvel, NRI investments contribute to 23% of total sales, supported by stable home loan rates.
4. In Kolkata, NRIs buy 8 to 10% of apartments in large projects, while in Hyderabad, average property prices range from Rs 4 to Rs 6 crore.
5. A luxury villa project in Bengaluru sold multiple villas priced between Rs 8 crore to Rs 10 crore to NRI tech professionals within months.
The motivations behind this trend are diverse, with many NRIs prioritizing owning a home in India to maintain connections to their roots, support family, and secure stable assets. India’s robust economic growth, in contrast to volatile stock markets, makes Indian real estate an attractive option.
Compared to the Dubai real estate market, NRIs are becoming more cautious and selective due to market saturation, regulatory changes, economic uncertainties, and a focus on diversification. India’s consumption-driven market and better investment prospects are drawing NRIs towards properties in their homeland.
NRIs prefer new apartments in gated communities with modern amenities for retirement and financial security. Job security and visa concerns abroad are also pushing NRIs to invest in Indian real estate. Advancements in digital infrastructure and high returns in Tier 2 cities are further attracting NRI investments to India.
Overall, the trend of NRIs shifting their focus to Indian real estate signifies a significant change in the investment landscape, driven by emotional ties, financial stability, and attractive investment opportunities in the country.
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