With the Indian real estate sector witnessing a record influx of foreign investments this fiscal year, several Tier-1 and Tier-2 cities have become hotspots for NRIs looking to invest in property in the Indian domestic market.
Estimates by Analysts reveal that the Indian real estate sector is on track to hit the $1 trillion mark well before the year 2030, accounting for a whopping 20 percent of the country’s entire GDP.
As the RBI looks to reign in rising inflation, the Indian rupee has weakened against the dollar, providing NRIs working in Gulf countries with the golden opportunity to invest heavily in Indian real estate, as they are now looking at their property investments appreciating in double digits year-on-year.
Few of the hotspots which have been favored by the NRIs for investment in the Indian real estate market include;
Delhi NCR
Gurgaon in Delhi NCR has emerged as one of the most desired cities for investment in real estate. Home to some of the most opulent projects, Golf Course Road is amongst the favorites for NRIs.
DLF, India’s leading real estate major, has several luxury and super-luxury projects spread across Golf Course Road, including its recent offering, The Camellias at Golf Links, DLF5. Apart from this, New Gurgaon, Dwarka Expressway and Golf Course Extension Road are other popular destinations for investment.
Mumbai
The economic heart of India, Mumbai has always been in high demand. With massive government initiatives and superb logistical connectivity, the real estate market has seen a massive increase in investment by NRIs from the GCC who are keen to own a piece of this multicultural city.
As new infrastructure and logistical development continue to be completed, Mumbai’s property appreciation will outpace that of all other major cities. The Imperial, Lodha Altamont and the Raheja One Altamount are a few luxury offerings in Mumbai that have grabbed the attention of the GCC NRIs in Mumbai.
Tricity
Post-COVID-19, sectors like Tricity have started getting attention from NRI and domestic investors alike. Owing to its serene location and proximity to the city center, Panchkula, and Chandigarh have seen tremendous interest from domestic as well as NRI investors from Gulf countries.
Owing to its rising popularity, DLF has expanded its presence in the Panchkula, with the launch of its recent offering of independent floors ‘The Valley Gardens’. In the past, DLF had developed ‘The Valley’ township in the heart of Panchkula which is home to over 1400 families.
Bangalore
As the IT hub of India, Bangalore’s realty sector has been another rewarding investment destination for Gulf NRIs. With a rich entrepreneurial culture, a diverse demographic, and growing demand, the city has seen unprecedented growth in the last decade.
As most NRIs are technically skilled and work in multinational companies, they see Bangalore real estate as a profitable investment option for the future. The Godrej Ananda, Godrej Royale Woods are a few of the luxury projects in Bangalore that are in high demand by NRI investors.
Kochi
Statistics reveal that most Indian expats and NRIs in the GCC region have their origins connected to Kerala, the South Indian state in India. With more than 30 percent of all Indians working in the Gulf hailing from Kochi or the surrounding area, it is no surprise that Kochi is one of the most coveted destinations for NRIs in the GCC to invest in real estate.
This inflow of investments has led to property values skyrocketing in Kochi, and the city has emerged prominently as a gainful real estate investment option. The Riverside at Vyttila Kochi, by DLF, is one such project in Kochi, which has seen huge traction from NRIs living in the GCC. Following the pandemic, interest has increased as NRIs want to own a piece of land in their home country.
Chennai
Even before India’s independence, Chennai, the gem of South India has been a hotspot for trade and commerce as it links the Indian subcontinent to the trade routes of Southeast Asia and the Gulf nations.
The booming commerce has had a cascading effect on property prices, which have continued to soar year on year. Today, more and more NRIs looking to leverage the logistical capacities of this city are keenly investing in real estate projects being developed across the city.
This demand has led to property appreciation and has had a cyclic effect on giving investors value for their money. DLF Parc Estate, projects from Casagrand at Chennai are properties that attract the HNIs and GCC-based NRIs for investment.
Working professionals based in Gulf countries are now opting to buy bigger and more lavish properties in India as they are confident of getting lucrative returns on their investments in the perceivable future. This has led to exponential investment returns for NRIs in the GCC looking to buy a piece of the growing Indian real estate sector.
