The real estate market in India, more specifically in South India, is registering a remarkable surge in investments hinting towards a market revival. The investments by NRIs have particularly grabbed a notable share in the market. Multiple factors are attracting the potential customers from abroad, including low home loan rates, great offers, availability of houses in the market, and attractive pricing.
When pandemic struck the world, mass lockdown led to a slowing of the domestic market with businesses closed down and the economy taking a hit. While sales levels witnessed an all-time low, lower prices led to some fluctuating performance in the real estate market as some opportunistic buyers took advantage of the low market. But a remarkable phenomenon was noted during this period – investment by NRIs (Non-Resident Indians) has doubled in the Indian real estate market. A recent study backs the finding that the percentage of recently booked properties in India have been done by NRIs.
NRIs have always been a high-value customer segment. But the real estate purchases by them were primarily for investment purposes in the past – they would sell the properties after their market values would appreciate or would drive the property into rental space. But Covid-19 pandemic presented an entirely new perspective to the investing scenario by NRIs in India.
As pandemics struck and lockdowns were imposed across countries, people had to stay inside and isolate themselves. This is when the urge to own a property in their home country surfaced among NRIs. It is undeniable that owning a house in one’s own country has an emotional tangent and provides a safety net as a long-term investment. This was evidently visible as investments by NRIs doubled during the pandemic in India. Furthermore, increased medical expenses in foreign countries while staying away from the support of families may also have triggered a desire to have a home in the country of origin.
To the fact that recently CASAGRAND had launched its project CASAGRAND Galileo in Bengaluru’s KR Puram, comprising 104 exclusive high-rise apartments, the community is nestled amidst 1.6 acres with 17,000 sq ft of lush green landscape. The fact that the project was sold out on the day of its launching speaks scores of the market presence and value of CASAGRAND.
Similarly, many projects of CASAGRAND in Chennai and Bengaluru are on verge of being sold out. Projects like CASAGRAND FirstCity, CASAGRAND Athens, CASAGRAND Utopia, CASAGRAND Zenith in Chennai, CASAGRAND Orlena, CASAGRAND Boulevard in Bangalore, CASAGRAND Cosmos in Coimbatore etc. are receiving good responses from the NRI homebuyers. These projects are located at prime locations and provide best ROI, offering a plethora of features and amenities.
According to a recent report, a real estate search portal noted that there has been an increase of 254 percent in inquiries for ready-to-move-in homes from the NRIs since March 2020. There has been a surge in interest in ready-to-move-in projects offering various amenities that are re-designed according to today’s requirement of work-from-home. While selecting properties in India, NRIs are now more inclined towards selecting credible real estate developers that have a healthy and proven track record of delivering quality projects on time.
South India has always been the hub of investments in the real market due to the prime location of the IT sector, which further opens avenues for higher rental yields, on-time projects completion, reasonable pricing, and housing options across segments. Dynamic professional class, well-developed corporate ecosystem, and a favorable investment market are other reasons for an increase in investments in the region by NRIs.
NRIs are further drawn towards investing in real estate in the Indian market for many reasons, prime being an emotional factor. Owning a home in your own country provides a feeling of safety net to NRIs looking for investments, especially during the current era of pandemics.
Now comes the question, is it really an ideal time for NRIs to invest in real estate in the Indian market? The answer is pretty straightforward – YES! The fact that the Indian currency has seen recent depreciation is one big reason to invest in the Indian real estate market. The NRIs don’t have to shell out a fortune now to secure a property in India. Drop-in prices, more transparency, and a more regulatory system have created an apt timing for NRIs to invest in the Indian real estate market.
About CASAGRAND
CASAGRAND, established in 2004, is an ISO-certified real estate enterprise committed to building aspirations and delivering value. In the last fifteen years, the company has developed over 22 million square feet of prime residential real estate across Chennai, Bengaluru, and Coimbatore. Over 18,250 happy families across 110+ landmark properties stand testimony to the company’s commitment. In line with the philosophy of creating superior living spaces that reflect its beliefs. In the sixteenth year of the company’s journey, Casagrand is all set to progress further forward with projects worth over 6500 crores in the pipeline with lasting value, integrity, and quality.