Over the past few months, the value of the Indian rupee has been plummeting steadily as compared to the US Dollar. Not surprisingly, many non-resident Indians (NRIs) have moved to invest in the residential real estate sector in India to take advantage of the lower prices as the dollar surges in value.
Do you know that the rupee has dropped over 13 per cent against the dollar since the beginning of 2018?
However, that’s not the only factor that has led to heightened NRI investment in India. Several other reforms such as the implementation of the Real Estate (Regulation & Development) Act, 2016 (RERA) and the introduction of goods and services tax (GST) have increased the transparency in the real estate sector, boosting the confidence of NRI investors in India.
Today, India ranks at 100 in the Ease of Doing Business Index amongst 190 nations, as compared to a rank of 130 in 2017. This phenomenal jump is a result of legislative and administrative reforms introduced by the government in addition to the digitalisation of various aspects of the economy such as bringing the home buying process online, which has made it exceptionally convenient for NRIs to buy a home in India.
What is Driving NRI’s to Invest in Real Estate in India?
According to a report by KPMG, “NRIs prefer Indian real estate due to higher long-term returns.” The report adds that 72 per cent of NRIs want senior living residential properties in India which offer luxurious amenities and are ready to pay a high premium for a suitable property. Besides, many NRIs are driven to purchase a property in their hometown due to family ties. Consequently, preferred destinations for NRI investments are no longer limited to metros. Top destinations for NRI investors now include – Kochi, Coimbatore, Bengaluru, Chennai, Ahmedabad, Hyderabad, Trivandrum, Chandigarh, Pune, and Mumbai.
NRI Investment Options in India
Real estate developers in India are expecting NRIs to make up a large chunk of their customer base in the near future. Consequently, top builders in Mumbai are developing premium residential projects tailored to meet the expectations of the NRI and millennial Indian customers. Whether you are looking for capital gains or a luxury abode for yourself and your family,
Check out the upcoming projects in Mumbai by The Wadhwa Group to get the best bang for your buck!