According to a recent survey report, the ‘IT city’ Bengaluru has witnessed a huge surge in NRI investment due to its lucrative Real estate market. As per the report, Bangalore has observed a steep jump of around 80% in the housing sales in Q1FY19. It also revealed that even the unsold inventories segment has also seen a decline of around 44% in the city, whereas the new launches rose by 39%.
Speaking on the report, an industry expert said, “In the last few years, the Bangalore realty market has become quite active as well as attractive for investors. The overall rise in the demand and supply has become the major reason for increasing NRIs traction towards this city.
The survey also reported that the homebuyers in Bengaluru are also very happy from the developer’s performance and are ready to buy another property from the same builder. Timely delivery and good construction quality is another added reason for it.
Consequently, increasing commercial hubs, office spaces and presence of coworking and startups has also made the investment market of the city lucrative for NRIs. Today most of the NRIs are investing in a residential unit to earn good rental income.
Apart from this, in order to clear the piling up unsold inventories, the builders are also offering attractive payments and pricing plans which are further calling upon NRIs to grab a good unit at much lower rates.
“At present, the realty market of Bengaluru is offering higher ROI to the investors and this is what an investor wants in return to their purchase. This has also led to a rise in positive sentiments of the NRIs in the Bengaluru’s property market,” another expert added.