Non-Resident Indians (NRIs) Bullish on Investing in Real Estate in India - NoBroker NRI Report 2023
Dec 29, 2023
Bengaluru, Karnataka Dec 29, 2023 (Issuewire.com) - Real Estate in India has always grabbed the attention of Non-Resident Indians (NRIs) who wish to diversify and expand their investment portfolio. Over the last couple of years, India has witnessed increased interest from NRI customers for property purchases for self-use as well as for investment. An extensive survey conducted by NoBroker - India's first proptech unicorn and a one-stop shop for all real estate needs, suggests that more and more NRIs living in Canada, USA, UK, France, Germany, UAE, Singapore, and Australia are keen to invest in residential and commercial properties in their homeland.
This surge is driven by factors such as increased rental yield, depreciation of the Indian rupee, favourable government policies, and the resilience shown by the Indian real estate sector in the face of adversity (COVID) and economic uncertainty. As the country's real estate market continues to evolve, Nobroker's NRI real estate report 2023 delves into the key drivers and implications of NRI investments, shedding light on the dynamics of this increasingly vital segment.
A. Real Estate in India - A Favourable Investment Avenue for NRIs
The contribution of Non-Resident Indians (NRIs) to Indian real estate has witnessed notable and steady growth over the past few years. In the fiscal year 2019-2020, NRIs were estimated to account for approximately 10% of the total investments in the Indian real estate market. By 2025, it is projected that NRIs will account for 20% of the total investments in residential and commercial real estate in India.
B. NRIs Prefer to Invest in Tier-1 Metro Cities
The NRI real estate report published by NoBroker highlighted that NRIs preferred to park their investments in metro cities in India. Bangalore preferred by 29% and Mumbai preferred by 24% are the most favoured cities for NRI buyers, followed by Hyderabad (18%), Chennai (14%), Pune (11%), and Delhi NCR (4%). The report also highlights an exciting sentiment: most of the surveyed NRIs wish to buy 3-bedroom units over 1 and 2 BHK apartments. The demand for 3BHK units also reflects a growing preference for spacious and versatile living spaces, possibly driven by evolving lifestyle needs, such as the need for dedicated home offices, guest rooms, or additional living areas.
C. NRIs look for Luxurious and Premium Properties.
The data also suggests that many NRI investors are increasingly inclined towards high-value investments, signifying a penchant for premium and luxury real estate options. Intriguingly, 26% of NRI buyers actively seek properties with budgets exceeding INR 1 crore. Almost 54% of respondents expressed a solid inclination to invest in gated communities, emphasising the allure of safety, convenience, amenities, and community living.
D. Real Estate Investment in India by NRIs Boosted by Property-Tech Solution
As per the survey conducted by NoBroker, it is evident that obtaining accurate information and sound investment advice is a significant challenge for a vast majority, with over 82% of respondents acknowledging this concern. Over 42% of respondents expressed concerns related to trust issues with offline channels, emphasising the importance of establishing a trustworthy and reliable relationship between property seekers and property owners. The digital landscape and property-technology platforms are playing a significant role in shaping the investment choices of NRIs. A striking 46% of those surveyed are turning to real estate websites to search for property for investment in India.
E. NRI Real Estate Investors Want Reliable Property Management Services
As per the NoBroker NRI survey, 63% of NRI respondents have said that property management is a considerable challenge. Many rely on their local family members or third parties. This process is time-consuming and adds a lot of dependencies on third parties. Of this, 52% of respondents have expressed a clear need for professional assistance in property management.
You can click here to read the full NoBroker NRI report which highlights more interesting trends about the future of NRI investment in Indian real estate.
About NoBroker
NoBroker.in is India's premier property tech unicorn, and a one-stop-shop for everything related to real estate. It is not just a property discovery platform but a transaction platform that provides the most accurate real-time data. Founded by IIT and IIM alumni Akhil Gupta, Amit Agarwal, and Saurabh Garg, it is backed by marquee investors such as Tiger Global, General Atlantic, Google, Elevation Capital, and more.
Source :Nobroker
This article was originally published by IssueWire. Read the original article here.
More News
OpenAI fires workers for 'mishandling sensitive information'
The former employees were investigated for sharing data with an outside AI evaluation group.
Trump’s Threat to Ban Diesel Exports Sets Off Global Alarms
A reduction in refineries has already driven the price of diesel to record highs, threatening economies. An U.S. export ban would be “tremendous shock and blow.”
Move to stop charges for parents to sit by children on flights
The government says sitting together can currently cost a parent and child up to £104 on a return journey.
After 17 Years, a TV Critic Lets the Credits Roll
In thousands of reviews, Mike Hale developed a reputation for being thoughtful yet brutally honest.
Lorry training firm 'riding out' record diesel price
Fuel prices have been steadily rising since the US-Israel war with Iran began in February.
Crypto thieves attack man in home and threaten to kill pregnant wife's baby in 'horrific' robbery
The man was beaten with hammers until he transferred hundreds of thousands of pounds of cryptocurrency.
US Sanctions A7, a Russia Firm That Helps Sidestep Economic Restrictions
The move followed reports detailing how A7, a Moscow firm, uses shell companies around the world to move funds for clients who are themselves subject to sanctions.
What's gone wrong at Nike? How the world's sportswear giant lost its mojo
Several self-inflicted mistakes have cost the biggest sportswear brand on the planet in recent years.
'It could cost me £10k but I need the money now': Why Gen Z are opting out of pensions
A growing number of people are opting out of these schemes due to cost-of-living pressures.
The wealthy Cuban Americans ready and waiting for Havana to fall
Cuban exiles in Florida are increasingly hopeful that regime change in Cuba is now on the horizon.
What to Know About Trump Accounts as More Than 60 Million Children Are Auto-Enrolled
The Trump administration may have just signed up your child — and more than 60 million others — for a 530A savings account (if you haven’t already done so).
U.S. Bond Yields Hit Highest Level Since 2002
The higher yields, which are pressuring consumer and corporate borrowers and increasingly weighing on certain corners of the stock market, are unlikely to dissipate soon.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.