The booming property market pan India has not only seen growing investments from NRI buyers in the popular pockets of yesteryears but also in the neck of the woods.
While the NRI investment has witnessed a downtrend between 2015 and 2017, the sentiments have improved after the dust around the Real Estate (Regulation and Development) Act, 2016 (RERA) settled. (Ref. 99 acres 5.7.2019)
Firstly, let us understand why an NRI invests in Indian real estate market.
A. Strong foothold
Non- resident Indians have higher pecuniary resources. So, they invest multifold for higher appreciation values.
B. Depreciation of currency
Indian Rupee has taken a nosedive in the pandemic. Since the value of the foreign currency tends to supersede Indian currency, NRIs find it a more profitable venture to invest in Indian real estate market now.
C. Emotional ties
Having your own property in your country of origin is much more than just investment. Post pandemic, NRI buyers have realized the need of a spacious house in their home country. They are buying for themselves as well as their extended family based in India hic et nunc.
Now, let’s discuss why NRIs are on a lookout for luxury homes in India.
1. Livability quotient
NRIs prefer to continue living in pretty much the same lifestyle as abroad. So, they require landscaped garden, clean streets, clubhouse, fitness center, intercom, lift, round the clock electricity backup and every other amenity that provides luxury. Gated communities serve as a perfect getaway from everyday civic problems.
2. Top notch security
The present day security features ensure a carefree living. Controlled entrances for pedestrians, surveillance of those entering the premise, safety alarms and smart locks secure your house from crime. So, NRIs are at ease with regards to the safety of their property in high-end societies.
3. Favorable policy reforms
Versatile down payment privileges, negligible stamp duty charges and flexible home loan options with the lowest ROI ever have triggered the NRI investors to salt away money in premium real estate. With GST, some of these properties became pricier. Howbeit, NRIs believe that the system is cleaning up, getting better and there is more accountability.
4. Best-bargain deals
Jayesh Rathod, executive director, The Guardians Real Estate Advisory, said: “The year of 2020 has forced developers, across the country, to focus on completing their projects, as opposed to launching new ones. The next year would, therefore, see increased supply of ready-to-move homes.” Thus, the NRIs can crack the best deal ever in this financial year.
Pune has developed as one of the most preferred investment hubs in India. NRIs too have found Pune to be apt to suit their lifestyle. Over and above, they are assured to get the best returns on investment.