Any NRI investor must consider a few facts before buying a home in India. More and more NRIs are looking to make India their second base. One might wonder why India?
There are several reasons for this positive change. Some factors are attributed to factors like a second home, investment and emerging market notions. The Indian market as a whole has changed completely. There is a plethora of new and emerging housing constructions.
Some prominent reasons which may hold an appeal for NRIs are (Compiled by Shravan Gupta):
1. The falling rupee.
The falling rupee is a grim scenario for the Indian market but not so much for Foreign investors. From the NRI perspective, Rupee falling is a blessing in disguise. From an investment perspective, housing prices will always rise and enhance their investment value. In the long run, it is a profitable notion as it helps in maximizing wealth.
This is the single most important factor that attracts new buyers and foreign investors.
2. Rising property prices.
The story of India is very different from other countries. In India, property prices have been on the rise since 2020. There has been a slight dip in the price but it is projected to rise in 2023. From this angle, it makes sense to own a home in India. Some experts feel that the property price will rise by 6% in the coming months. This makes it a lucrative notion to hold property in India.
Real estate experts feel that cities like Indore and Pune have a clear edge over metropolitan cities.
3. Property appreciation.
One of many reasons for property appreciation can be attributed to land availability and constructed housing projects. The price of property rises every year hence the rents too. If you have a home in India, there are chances that you will have a higher home rent every year.
It can be a good source of passive income for NRI investors. At the same time, it can be an optimum wealth creator.
4. Secure feeling.
Most NRIs feel owning a home is the safest bet. It can be viewed by constantly elevated housing sales and growth prospects. This is the ultimate reason to buy a home in India.
5. Optimum lifestyle choice.
It is easier to invest in large and well-developed facilities. Some of these are being developed by keeping the NRI in mind. It is safe to invest in large homes as it offers tremendous growth prospects for investors. Also, one can avail of facilities like club house and theater without stepping out.
There are several things to consider before buying a home in India. Any NRI investor should consider the reason for buying the property. According to experts, some prominent reasons for buying a house in India can be:
- To stay close to family.
- From an investment perspective.
The final point.
Today NRIs are investing more in homes and retail spaces too. Elevated housing demand is a good sign that Indian real estate is on the I path of recovery. It is wise to play a part in the booming economy and re-establish the connection with home. In hindsight, it seems to be wise to invest in India and be a part of the thriving economy.
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( With inputs from ANI )
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