Home, sweet home!
Indian real estate is going through a plethora of changes and reforms as part of its growth. In earlier decades Indian real estate had a bad name of being unorganized and murky but things are changing for better and a large contribution to the image transition of the industry has been from Indian corporate and NRI investors, many a times the young investors.
After all owning a home in India is important for young NRIs, for one simple reason, to stay connected to one’s root.
Gone are those days when we would see people above 50 only buying properties, with the help of their life-long savings and retirement funds. Today more young people are investing in properties in home countries owing to the disposable income and exposure to a global lifestyle. Also, today’s generation has better understanding of various financial gains possible from real estate investments. On top of that, owing to the growing population of women professionals, numbers of dual income families are on the rise. Last but not the least, the younger lot puts a lot of importance on how their peer groups look at them and hence real estate investments give them a strong sense of achievement.
Places & purposes
Studies and researches show that majority of the young NRIs fall in the age range of 18 to 35 years. The biggest reason being better home loan benefits for younger buyers. City wise, IT hubs like Bangalore, Hyderabad are among their choicest destinations while Mumbai remains high on their priority as well. Chennai, Pune, Delhi are among the other favorite cities for the young investors. A large section of the buyers are investing in residential properties for their personal use, mostly for their parents and extended families back home. Many are investing for future financial security. The majority of the buyers are choosing homes falling in the affordable range i.e. between 10 lacs to 1 crore.
In cities like Mumbai, Delhi-NCR etc. where the rental rates are going through the roof, investment for steady rental income remain a lucrative option for the NRIs. With the working population migrating to metro cities in India, demand for rental accommodation is here to stay. Young NRIs are surely making intelligent move by purchasing properties in Indian cities and leasing out for steady monthly return.
Affordability is one of the main driving factors for the young NRIs to invest and due to the difference in the value of currencies; investment in Indian real estate is a profitable proposition for them. That’s why developers focusing more in affordable segments are increasing in numbers. Market is getting increasingly favorable because of Government policies like RERA and reforms like upcoming GST etc. Henceforth, the market of NRI investments is expected to show upward trend only.
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