Today Ultra Luxury Boutique Homes are Top Choice of NRIs & HNIs
India is witnessing a sharp growth in the real estate sector. In 2022, the sale of residential estates in the first half grew by 60 per cent. This applies to boutique luxury projects as well. After the pandemic, homebuyers’ desire for home ownership and lifestyle upgrade, has resulted in the growth of the residential real estate industry. It is not only the people residing in India who are taking advantage of this opportunity but also the NRIs. As per an industry report, investment by NRIs in the Indian real estate may amount to $ 14.9 billion in 2022. Another data shows that from January to June 2022, more NRIs (Non-Resident Indian) were looking for properties in India. Compared to the search traffic from 2020, this is a 117.7% increase in property searches this year.
A Good Investment for NRIs
Most NRIs migrate to the Middle East for work. Yet, India continues to remain a desirable investment destination for them. Indians are likely to travel to countries with strong economies which translates to more earning power. They also earn in currencies valued higher than the Indian rupee. With more purchasing power, NRIs can buy a luxury boutique home in any of the major Indian destinations like Delhi, Mumbai and Bengaluru city. The Covid-19 pandemic also played its part in encouraging NRIs to invest in India. The year saw many NRIs return to look after their loved ones, triggering the need for a second home.
Impact of Rupee Depreciation on Real Estate Investment
The global economic slowdown from March to June 2022 destabilized the world economy, leading to further depreciation of Indian rupee against the US dollar.
Inflation and high international interest rates make investment in gold, commodities and stocks risky. Even if you save your money in a bank, the returns will be awfully low.
However, the booming real estate industry in India coupled with a depreciating rupee means lucrative investments for NRIs. NRIs can purchase expensive boutique luxury projects now when the prices are low. Eventually, the prices will soar as trends indicate a continuous real estate growth between 2022 and 2027. Most NRIs prefer to invest in luxury properties situated in metropolitan cities. But many NRIs now are also showing interest in more boutique luxury homes closer to the city center.
Attracting NRIs
Real estate developers are promoting luxury properties to NRIs living in the UK, the US, UAE and South-East Asia. The depreciation of rupee has partly contributed to the traction in the market, which makes approaching foreign currency a profitable prospect.
The market situation augurs well for NRIs and HNIs communities who are looking at real estate investments at attractive valuations. Factors like attractive payment plans, low home interest rates and ease of purchase process have kept NRIs glued to real estate investments. This interest amongst NRIs will continue to rise as they are seeking safe and secure living spaces for their aging parents and own retirement in future.
Due to technological advancements, building real estate portfolios has become easier. Prospective NRI clients can take virtual tours of properties online, saving travel time. Whether NRIs want to buy property in India as an investment or a place to retire, one thing remains constant: Now is the best time to do it. Looking for a luxury Boutique Home in Bengaluru City in India, visit www.BhadraGroup.com
