NRIs constituted important segment of buyers and investors in realty market. Currently, many NRIs are returning to India from overseas. Making investments in Indian real estate market is profitable. They are well aware of the fact. In this backdrop, what would be their inclination to buy which kind of properties in Indian market? What would be their priorities?
Earlier when there was no Internet facility, several developers resorted to gimmicks like launching NRI projects. In some of them the properties were sold exclusively for the NRIs. However, developers used to market the properties unleashing advertising campaign that their neighbors would also be high-profile NRIs and used to sell the properties at higher prices. In the absence of Internet, the NRIs did not know what was happening in the market. Consequently, they shelled down heavy price for the properties. But, the NRI projects policy of builders has bombed.
Currently, many NRIs are young fellows and they have full understanding of technology. Therefore, they would be able to see through the happenings in the Indian real estate market from the foreign shores. They are able to see through the gimmicks that the builders play. In 2023, the NRIs are going to play a big role in buying residential properties, according to a prediction by the real estate consultant JLL.
NRIs seek the following facilities
NRIs buy properties in India for capital appreciation and with an eye on rental market and to use homes for their personal purpose upon returning to India. Currently, the NRIs are buying properties in good projects. The same trend is likely to continue in 2023 too.
- NRIs are not looking for low-cost houses, but sprawling, safe and most comfortable houses.
- NRIs returning to India have made arrangements with their recruiters for working from remote areas. Therefore, they need a home office. Since several employers in India have been implementing working from home and hybrid work culture, even renters are looking for homes offering home office facility. This is well known to the NRIs. That is why they prefer to buy big and sprawling houses.
- They want their units to have smart home features, including jogging and walking track. They seek cool environments and sprawling spaces with facilities for games, all around greenery, paved roads with footpaths among other things.
- In the post-Covid-19 scenario, precautions are being adopted in the daily commuting to various places. In this backdrop, the NRIs feel that security of their children is highly important. Irrespective of the age of the child and education, they ensure that the educational institutions that their children attend are very close to their place of abode.
- They also insist that they should get their daily needs from close by. Their first priority is always the integrated townships.
