Driven by stable prices, depreciating
rupee and good deals offered by developers, residential properties –
particularly luxury homes – are showing good traction from NRIs, even
during the times of pandemic. According to a recent consumer survey by
ANAROCK, Bengaluru has emerged as the most favourite investment
destination for 24% of NRIs, followed by Pune with a 19% share, and NCR
with a 16% share.
A report by ANAROCK, titled ‘Real Estate
Purchase Perspectives: From the Lens of the Consumers,’ has revealed
that the most preferred budget range for NRIs is Rs 90 lakh to Rs 2.5
crore with a preference for 3 BHK & 4 BHK. “The luxury properties
being developed in Noida fit perfectly for the NRI lifestyle. After the
pandemic, the NRIs are concerned about the health and projects
addressing this issue will gain the most. We have projects such as Cleo
County in Sector 121, Noida, that have all the luxurious amenities that
NRIs look for,” says Amit Modi, Director, ABA Corp & President
(Elect), CREDAI, Western UP.
“NRIs are going in for larger, luxury
homes, like 3BHK and 4BHK homes; the choice is mainly because of the
lifestyle that they enjoy in the country they are staying in. Developer
offers plus the extension of the RERA deadline as part of the
Atmanirbhar Bharat package have helped NRIs decide to buy property in
India. Realty players have also upped the game by showing off their
properties virtually that has made it easier for NRIs to make purchase
decisions,” says Ashok Gupta, MD, Ajnara India.
Feeling more
bullish about the luxury market and talking of larger spaces, Dhiraj
Jain, Director, Mahagun Group, says, “There is an emergence of shifting
to large spaces as nothing is more important than the well-being, and
people have now realized it more than ever. That emergence is happening,
and we can see that in numbers. We are getting general inquiries from
NRIs who want to understand what additional features we are going to add to the property.”
The average ticket size of NRI investment in
2016 was around Rs 70 lakh; in 2018, it was around Rs 51 lakh, and now
it is around Rs 80 lakh. “The size of NRI investor is huge as there are
more than 32 million NRIs, but most real estate investment is done by
NRIs from the USA, Saudia Arabia and UAE. After the falling rupee, NRIs’
interest got revamped, and they are now interested in buying a property
here because of their emotional connection. Investment-wise, NRIs are
more inclined towards commercial real estate, and it got a boost with
the coming up of REITs; they are buying residential properties as a
backup plan that can help them get some return through rentals apart
from assuring good capital appreciation,” says Yash Miglani, MD, Migsun
Group.
NRIs always find Indian real estate attractive as there are
many projects that are directed at them. NRIs are seen by the real
estate sector, especially those living in the Gulf and the US, as high
potential clients. Earlier, NRIs were investing heavily in the
residential segment as it gave them good returns, but for the last
couple of years, the trend has included the commercial segment too. “The
reason being good capital appreciation and the rental yield on
commercial assets owing to the increasing demand of Grade A offices, IT
parks, logistics centres and now the formation of REIT has also pushed
the case of commercial assets. NCR is among the top destinations for
NRIs, including Mumbai, Bangalore, Hyderabad, Chennai and Pune. In
residential, sales have dropped as was the case overall, but they hav
now picked up pace after a slew of buyer-friendly measures,” says Ashish
Bhutani, MD, Bhutani Infra.
Various surveys and reports have also
pointed towards the preference of NRIs for the ready-to-move-in
properties. “Most of the NRIs – around 90 per cent – prefer properties
by branded developers; this is the reason that Noida, with the presence
of major realty players, has been faring well. One of the biggest draw
for the NRIs to this city is the planned development where even the
roads get ready before the commencement of a project. The clean, green
and healthy lifestyle that Noida can offer is unmatchable,” says Vijay
Verma, CEO, Sun World Group.
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