NRIs have started returning to Indian real estate with new investments, and as a result, NRI investments amounted to $13.1 billion last year. According to a report by 360 Realtors, it is expected to grow by 12% this year.
“The real estate sector has proven to be an attractive asset class with healthier relative returns, it has gained the attention of both locals and NRIs alike. The NRI buyers today look for a well-connected living ecosystem curated with numerous choices to live, work, and play luxuriously,” Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Home Developers Ltd, told the Economic Times.
Gurugram, part of the National Capital Region (NCR), is among the most sought after locations for NRIs. This region’s exclusive commercial and residential real estate attracted NRIs and has emerged as a real estate investment hub in the past two decades.
With a robust infrastructure and social fabric with some of the best international schools, hospitals, financial institutions, and retail spaces in and around, Gurugram has become a preferred destination for NRIs and ex-pats.
The proximity to Indira Gandhi International Airport, quality infrastructure, strategic connectivity and the cosmopolitan culture are some added advantages for Gurugram, which was formerly known as Gurgaon.
NCR is already a hub for IT, BPO, and the corporate sector. Gurugram is catching up with top cities regarding service standards and luxurious amenities with residential sales surging. It is also a prominent commercial and business hub and home to several Fortune 500 global companies.
Along with these factors, super luxury, premium, and luxury projects across all categories make NCR a top investment destination for NRIs.
“Residential Real Estate has always been the preferred asset class for non-resident Indians. The last few months have witnessed a gradual comeback of the NRI to the realty market, bolstering sales of luxury homes. The inclination is now primarily for self-use. The remarkable uptick in queries and closures from NRI’s can be attributed to weakening rupees, pandemic induced perception of owning a home in one’s home country and lower interest rates,” said Mohit Jain, Managing Director, Krisumi Corporation.
NRIs are actively investing in NCR so to maximize returns and even for self-occupancy.
“Due to the rapid growth of residential projects in the NCR, as well as its fast-paced life, NRI investors are increasingly flocking to the region. In addition, Delhi NCR is a one-stop destination for business, so owning a home in the region has many benefits for NRIs,” said Vivek Singhla, CEO, Smartworld Developers.