NRIs i.e. the Non-residents Indians are eyeing on the Indian real estate because of a couple of things. The first reason is the not so strong condition of the Indian rupee in the international market. The second reason that is attracting NRIs to the Indian property market is the relaxation in rules for NRIs to make property investment in India that are introduced by the Modi Government in its first tenure. The last important factor that has made India a hotspot for NRIs to make property investment is the fast-pace of infrastructural development that is bringing places closer.
So, here we are listing the top localities for property investment by the Non-resident Indian:
Located in the south-east Bengaluru, the locality is best suitable to the IT professionals for living as there is smooth connectivity to places like Whitefield which is 15kms away, Electronic City 19 kms away, Outer Ring Road 16kms away, Marathahalli and Koramangala. The unit capital value here stands at Rs. 4,000 per sqft and the rental value stands at Rs. 28,000 monthly for 3BHk unit.
Sarjapur is a part of Anekul taluka that comprises of total six areas. This is a hotspot for the NRI investors as the various reputed companies are making their way here. The Infosys group has acquired 202 acres of land in Sarjapur to set up an IT SEZ, similarly, the Aziz Premji Foundation has also acquired 50 acres of land to develop a University here.
2. Kanakapura Road
This area is located 55kms away from the Bengaluru city and is currently a hotspot for the NRI investors. The main reason to invest here is tourism as the dense forest, production of silk and granite attracts people to visit during the vacations. Hence, the non-resident Indians can yield a handsome amount of rental by owning a property here. The picturesque view of nature as the river Akravathi flows down when traveling to and from Mysore attracts a large number of tourists who are mainly the wildlife enthusiast or trekkers. Thus property investment by the NRIs here is witness increase.
This is was a quiet area before the IT boom struck here. The locality is now flooded with multiple residential projects as the construction begun in the second half of 1990s and gained momentum since 2002. The area is connected with Bengaluru via four-lane roads that are Whitefield road via Mahadevapura and Varthur road. Both these roads intersect at Karnataka state highway no. 35 that ply from north to south.
The average capital price here is Rs. 3.610 per sqft and the rental amount stands at Rs. 29,400 per month.
Reasons that attract NRIs to make Property Investment in Bengaluru:
- IT hubs and the demand for rental accommodation are the primary reasons that grabbed the attention of NRIs. The development of residential properties close to the workplace and the constant infrastructural development have made the NRIs prefer investment in Bengaluru inspite of any other location in the world.
- Connectivity is another important reason that has shifted NRIs focus to this IT city. These places either directly fall on the metro route or share close proximity to the metro stations. The Namma metro has boosted property investment in the city as its connectivity to Manyata Tech Park, Electronic City, Hebbal, Bannerghatta Road, Silk Board and KIADB industrial area has made travel easier than ever before.
- Affordable unit costs are another reason that is making the NRI invest here. Definitely, the lifestyle and living standards differ between the regular Indian and the non-resident Indians. But, who likes to lose the chance of spending less and avail more. Hence, the budget-friendly properties in the plush locations of the Bengaluru city make it the hotspot for the NRI property investors.