As per the latest report, it is found that 53% of the Non-Residents Indians will buy properties in India in the upcoming months, and the rest, 47% NRIs, will take it as an investment purpose. While talking about Bengaluru, it will be an eye-catching investment for at least 22% of the NRIs, followed by Pune with 18% and Chennai with 17%.
The survey also saw a reverse trend from its H1 2019 findings; the end-to-use investment ratio was seen at 32:68. The prime reason for seeing a drastic change this year is the pandemic that has led many NRIs to return to India amid the ongoing pandemic, which led to uncertainties and diminishing job opportunities.
The highest demand among the NRIs in Bengaluru is primarily for luxury properties priced above Rs.1.5 crores, contributing 50%, and 32% of the NRIs favour premium properties priced between Rs.90 lakhs- Rs.1.5 crores. Among other 11% of the NRIs prefer mid-segment homes priced between Rs.45 lakhs- Rs.90 lakhs, and the remaining 7% of the NRIs favour affordable properties priced less than Rs.45 lakhs.
The survey also highlighted the rise in demand for bigger homes. In numerical figures, 48% of the NRIs demand premium 3BHK apartments (over 1500 sq.ft.), while 28% favoured 2BHK properties. On the other hand, reaming 24%, NRIs confirmed moving into 4BHK or higher properties configurations. NRIs are also seen investing in properties in Tier 2 and Tier 3 cities like Chandigarh, Kochi, Surat, Ahmedabad, Mumbai and Lucknow. Comparing to the last survey (H2 2020), the trend indicated that Chennai is gaining interest by NRIs, while other cities remained unchanged.
