What can be viewed as a significant achievement in the domain of an expanding customer base for the Indian real estate sector, NRIs have begun to appreciate Indian properties and invest in them on a monumental scale. A recently-released report by 360 Realtors stated that NRI investments in the real estate sector accounted for $13.1 billion in 2021 and are projected to grow by 12% in 2022.
The robust infrastructure growth and the rise of modern luxury and ultra-luxury property in the realty space are the primary reason for a spurt in the NRI investment.
Commenting on the same, Dharmesh Shah, CEO, Hero Homes, said, “NRIs are increasingly investing in hill station properties due to the soothing climate, favourable topography, strong infrastructure, and upscale, luxurious properties. There is a mindset disposition to mirror a similar lifestyle to what they are accustomed to experiencing in other countries. The modern-day luxury residences offer various high-end facilities and benefits they cannot afford to miss.”
The corporate sector is booming across many Indian cities, and surrounding it are many super luxury, premium residential projects that completely match the living standards of NRIs abroad. This is why many cities are emerging as top investment destinations for NRIs wanting to live in the same environment and realty atmosphere.
Tejpreet Gill, MD, Gillco Group, said, “The proclivity of NRIs to invest in residential real estate is well known. As the luxury markets in India are booming, it has signalled the subtle comeback of the NRIs to the real estate horizon, which is equipped with a well-connected ecosystem and innumerable luxurious choices. There is also a conspicuous post-pandemic ideology among the NRIs to own a house in the home country, which has drifted them back to the tapestry.”
Akshay Taneja, MD, TDI Infratech, said, “The dynamic infrastructural developments in terms of social, economic, retail and commercial developments have piqued the interests of NRIs. The real estate industry has made colossal leaps of progress in terms of architectural finesse, high-end amenities, improved security, and gated communities. One of the biggest contributors to bringing the NRIs back to the Indian real estate market.”
Mostly, NRIs buy property for self use, like taking a respite or breather from their high-pressure and tedious work on vacations or holidays with their families.
LC Mittal, Director, Motia Group, said, “Low home loan interest rates and higher returns are attractive propositions for NRIs which are flocking to the real estate markets. The Indian realty space offers a conducive environment for fast-paced growth and a contemporary lifestyle that NRIs are used to. The cities facilitate a cosmopolitan environment with the presence of the best schools, colleges, and financial institutions are all appealing to the NRI desires and fancies.”