NRIs are steadily investing in Indian real estate once again, with higher purchasing powers owing to currency depreciation. Premium properties are also finding more takers amongst NRIs and developers are also coming up with several projects that cater to specific needs of this buying category. The CBO and Co-Founder, NRI Sales, Square Yards, Anupam Rastogi, feels that 2022 was a key acceleration year for realty in the country with a huge surge witnessed in homeownership related sentiments from the NRI community. He states that NRIs had more confidence about the Indian market, which was stable and resilient despite global turmoil owing to the war.
He also states how NRIs purchased larger homes, with more purchasing power owing to higher rupee devaluation, in spite of home loan rates hardening gradually. He also mentions how the industry received a major burst of speed and acceleration that was much-needed. Gurugram and Mumbai have been the major realty markets, drawing sizable NRI investments in luxury homes, office spaces, resort-hotels, commercial real estate, and premier township apartments.
Anupam Rastogi also states that a majority of NRIs coming back home owing to WFH arrangements, are now seeking bigger apartments like bungalows and condominium apartments in 3-4 bedroom layouts for covering their home office requirements. They also desire smart home features including air purification systems, touch-less controls, and other advanced technologies. NRI buyers also desire larger green zones with yoga and sauna facilities, jogging tracks, and gymnasiums. NRI buyers are now looking for top-class facilities in their properties.
NRI investors who are seeking Indian properties will have to invest in a timely manner if they wish to leverage this opportunity to convert their money into attractive future investments. Experts feel that NRI buyers can now cheaply afford top-notch residential buildings which have immense future potential for investments. More availability of ultra-luxurious and premium projects, rupee depreciation, and easier home purchases are some of the highest drivers of demand throughout 2022 as per several experts. Ease of doing business and other positive developments will contribute towards Indian real estate garnering sizable foreign investments in the future as well.
Anupam Rastogi also feels that with rating agencies predicting stellar growth for India from a global perspective, both smaller towns and metropolitan cities will be drawing higher investments from affluent NRIs into the residential market in the country. He also opines that NRIs have also noted changes in the functioning of the real estate market after the implementation of RERA, stamp duty regulations, and GST payments, enabling the establishment of a safer investment avenue for them accordingly.
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Published Date: Jan 25, 2023
