In the aftermath of the COVID-19 pandemic, the mindset and the outlook of non-resident Indians (NRIs) vis-à-vis the Indian property market has changed drastically. While earlier more NRIs were buying properties, now active professionals are scouting for properties. Naturally, these professionals are not glued to their hometowns for a comfortable retirement and hence, the choices and concerns have also changed.
In recent years, Tier 1 cities have seen 28% growth in real estate while Tier 2 cities witnessed a growth of 42%. This is majorly because of affordable housing in Tier 2 cities and lower cost of land and construction.
With developed social infrastructure, best-in-class social amenities, ample avenues for career growth, and planned connectivity upgrades, Pune and the Mumbai Metropolitan Region continue to grab a major share of NRI investment in Indian real estate.
Mumbai Metropolitan Region (MMR) is one of the most populous and rapidly expanding regions of the world. Looking from an NRI investor’s perspective, strategic location, developed social infrastructures, such as school, medical facilities and leading retail avenues, developed employment hubs with the presence of Multinational Companies are some of the key determinants for a city, and there are only a few competitor cities on these parameters.
Hyderabad has also grown into the most preferred real estate investment for NRIs. It offers the best luxury apartments to stay in. Micro markets such as Kondapur and Shaikpet are major demand areas due to proximity to major IT parks such as Kohinoor IT Park, Ascendas IT Park, Mindspace Madhapur IT Park, etc.
Bengaluru is considered as one of the best cities to live for NRIs, the city has been developing extensively in the IT and real estate sectors for the last 6 years. Areas like Devanahalli, Whitefield, and Sarjapur Road offer a bouquet of premium and affordable housing options. As far as the connectivity of localities is concerned, NH44 and SH35 are passing through there.
In NCR, New Gurgaon and Noida are the major micro-markets that offer a high return on investment as cities are rapidly evolving in terms of infrastructure, connectivity, entertainment for all reasons, availability of schools, institutes, hospitals, etc.
Thus we can say that NRIs have an affection for the niche micro-markets within MMR, Pune, Noida, and Bengaluru. Many residential projects (both affordable and luxury) have come up in these major property investment centers.
