While it’s almost always a good time for Indians to invest in properties in the country, there are constant fluctuations and temporary drops in the cities’ real estate rates coupled with other factors, that could puzzle the enthusiastic investor in you, especially if you’re an NRI! Most Indians living abroad prefer to own one or more properties back home, and constantly strive to get the best deal for the perfect house. If you are an NRI, and are on the lookout for affordable property, here is a helpful list to simplify the process for you.
The increase in demand for properties in India’s urban cities brings forth the fact that the real estate market is still growing at a phenomenal rate. Witnessing an 87% increase in property rates just in the last decade, the whole realty sector in major cities, which includes the residential, commercial, retail and hospitality verticals, is estimated to grow at 30% over the next decade. This implies a market size of a whopping $180 billion approximately by 2020. While past data doesn’t predict what exactly the future holds, it does broadly indicate where we’re headed. Whether you’re a resident or an NRI, investment in Indian real estate is sure to give you returns that are much higher than what was anticipated a few years ago.
If you’ve decided to invest in an Indian property for the purpose of letting it out for use as an office space, it would help you further to recognize that over the next five years, office space in the commercially inclined cities is likely to occupy about 200 million sq. ft. Post the global financial crisis a few years ago, the real estate prices in Mumbai, Delhi and other cities have dropped by about 35 % to 40%. This is an excellent opportunity to invest in commercial real estate, and give it out on a commercial lease which would be long-term and potentially profitable.
If leasing your property to a commercial establishment is not your cup of tea, there’s always the smaller, residential units you can turn to. The commercial hubs of India have populations between 15 to 23 million people in each city, and growing. These financial and commercial hot-spots of the country attract thousands of people every month thanks to the employment opportunities these cities offer, making them some of the best investment options in India.
As an NRI, you can either purchase a private or a business property in India. There are restrictions for an NRI when it comes to the purchase of agricultural land, farmhouse, ranch or a homestead house. On the other hand, there are no limitations on how many commercial, residential or retail properties you can own in an Indian metro city. You get to choose from exquisite villas to apartments or commercial properties in some of the best cities in the country
With the ratio of the Rupee to some of the popular foreign currencies constantly being so high, and with minimal predicted changes, it would be wise to make hay while the sun shines, and invest in a property in a leading city soon. Earning well in Kuwaiti or Bahrain Dinars, Dirhams, Pounds, US Dollars or Euros, related to all of which the INR has depreciated by around 21%, an NRI can quite comfortably make an investment in Indian real estate.
Around the globe, India has been touted as a country to watch out for. The Indian economy is noticeably growing, especially in terms of career opportunities and real estate. A thriving economy, and a flourishing start up ecosystem means there’s now a tonne of opportunities in different areas for everyone! If you are looking to move back to India sometime in the near future, investing now in the one of its metropolises is a promising choice.
Property exhibitions going on in the leading cities have given easy access to locals and NRIs alike to all the inside information about developers and sellers, localities, the variable rates, etc. They open your eyes to a lot more here than you would learn through all the research on the web and on the news, adding up data and keeping track of the changing laws. You get to explore multiple projects in the respective cities all at the same time, and choose the best deal that interests you, especially when the exhibition is available online as well.
