The real estate Investment from the Non-Resident Indians (NRIs) provides to be one of the major boosts to the Indian economy. Their sentiments coupled with the sense of pride attached to investments in their home country add to the sector’s growth prospects. Since other channels of investments have major regulations on them, the NRIs find it much more convenient and worthy to invest in the properties here in India.
With benami properties finding it tough to survive, the implementation of The Real Estate (Regulation and Development) Act, 2016 (RERA), and demonetization of the higher denominations of currency notes, the sector has created good opportunities for NRIs to invest.
Also, buying a property is anyway a task and it becomes even more difficult when the homebuyer is not physically present. Though technology comes to the rescue with augmented reality and virtual reality set-ups for viewing, and 360 degree viewing possibilities, zeroing on the right location in the city of your choice requires even minute study. There is no magic when it comes to choosing a city and location. But we may help you decide if you are an NRI.
A place in the financial capital of India, Mumbai, is hard to find owing to its exponential rise. But what NRIs may look forward to are the peripheral areas of Navi Mumbai and Thane which offer a good deal. The demand for residential homes in these places has sky-rocketed owing to their ever-increasing employment rates. Thane, which is well connected to Central parts of Mumbai finds a mention in the second phase of the Smart Cities Mission. The price of per square feet varies from Rs 11,260 in West to Rs 11,368 in East. The construction of the New Airport in Navi Mumbai is in full swing and is seen to boost the growth prospects when it comes to realty prices in the area. Besides, it already enjoys good local and inter-state rail connectivity. From Rs 3316 per square feet for affordable housing options to Rs 17,659 for luxury options, the choice is varied to suit different budgets.
As the fast-emerging Information Technology hub, Hyderabad has shown a lot of promise for NRIs. The two prominent areas to invest are Gachibowli and Manikonda. Being close to the International Airport, Gachibowli has seen a tremendous growth along with its increasing employment figures. The average price of one square feet is Rs 4,150 in this area. The Manikonda which has a rate of Rs 3,141 per square feet also caters to the IT employees with affordable housing and smooth connectivity.
An established IT hub with a pleasant weather and good connectivity options, Bengaluru has continued to attract the attention of NRIs. The Kanakapura Road with average prices of Rs 5,131 per square feet, Hennur Road with Rs. 5,442, Sarjapur Road with Rs 5,172 and Bannerghatta Road with Rs 5,403 are upcoming areas which have been garnering a lot of attention owing to their connectivity through the Outer Ring Road, Green Line Metro and NICE Road.
The southern part of Chennai has been witnessing a tremendous demand from the homebuyers. The mix of industries in Chennai from IT and pharmaceuticals to automobiles and healthcare has contributed to a steady demand from NRIs looking to invest in this part of the country. The Grand Southern Trunk Road with per square feet area amounting to average of Rs 4,099, Outer Ring Road and Vandalur with Rs 4578 per square feet are popular options offering comfortable social infrastructure and generous connectivity.
The demand for residential properties has risen owing to the rise in employment scenario in the vivacious city of Gujarat. The city offers enormous facilities and is developing on a larger scale. This has brought a booming period for the real estate industry here. This city has become an investor-oriented place through transparency, low entry points and high amount of incentives for NRIs. With an average price of Rs 3,536 per square feet for SG Highway, Rs 3,193 for Gota, Rs 5,378 for Prahlad Nagar and Rs 5,739 for Bodakdev, Ahmedabad has shown multiple promises.
These places indicate that the sector is bound to shine high and mighty without inhibitions of a slowdown. Taking these pointers into consideration, it is a right time to invest or buy a home in these cities.