Non-Resident Indians (NRIs) have been attracted to the Indian real estate for many years now. Mainly because the Realty prices in the country are much more affordable as compared to other places on the globe. Furthermore, to propagate Foreign Direct Investment (FDI) the Indian government has launched many attractive schemes to attract NRIs to the Real Estate market. Subsequently, the Realty industry has never failed to attract the attention of the NRIs. Even the Reserve Bank of India (RBI) has given special permission to NRIs holding an Indian passport to invest in the residential and commercial properties in India. This has opened a new avenue and hope for the Indian real estate. It is only fair to say that the NRI contribution has boomed the Indian real estate sector in multi-folds within a short time span.
What is Making Bangalore a Lucrative Deal for NRIs?
Immovable properties except farmlands or plantation estates are available to NRIs for purchase. An NRI can acquire any such property by gift from an Indian resident, even if the owner of the land resides outside India. An NRI can also obtain a property by the virtue of inheritance. The NRI can even transfer his property to any person living abroad, residing in India, or is a person of Indian origin. These are just a few investments options that an NRI can make when purchasing a good property deal in the Bangalore Real Estate.
With the value of rupee is depreciating globally, and the return on the real estate investment is huge, today more and more NRIs are grabbing a large chunk of Indian Realty sector. Moreover, with lenient rules and regulation from RBI on real estate investment by the NRIs, it has opened new and green pastures for NRIs to dig in.
The government is also taking steps to ensure better handling of property deals and investment growth activities via their promotional investment council for the NRIs to put their money safely in this sector.
Aggressive growth of Bangalore Real Estate due to NRIs
NRIs have taken a great interest in Bangalore’s Realty sector. The “Garden City” has always been an eco-friendly and Smart City for real estate investment, however with the escalating interest of NRIs in these past few years, it has gone up to a different level.
The residential sector has been booming with unique plans and designs which have been aggressively accepted by the NRIs. The need for open, green spaces, lavish living quarters and opulent lifestyle has enhanced the interests of NRIs in Bangalore. No wonder the premium residential projects have many NRI buyers.
The speed at which these premium properties are being sold indicates the enormous contributions from the NRIs segment in the real estate market of Bangalore. The luxury segment has attracted a large chunk of NRIs, with many high-end independent villas and apartments ranging between Rs.80 Lakhs and Rs. 1 crore and above. These luxury properties have gymnasium, swimming pool, club and spa to meet the demands of a plush lifestyle.
Areas to Invest in Bangalore
There are several regions in Bangalore that have witnessed a keen interest from NRIs in the last few years, but some are truly special. Bangalore continues to be the biggest IT hub of India and has showcased an exponential growth in the IT sector and also in the infrastructure development. These factors have catapulted a large gaggle of NRIs to invest in emerging real estate of Bangalore. Whitefield is a favorite investment option for both commercial and residential properties. Numerous multi-nationals and Indian-origin IT companies have their offices in this area. It is blessed with lush green landscapes, vast, open and clean areas. All these factors have encouraged some of the prominent builders to erect their buildings and NRIs have flocked here as the projects are exquisitely done and are more are coming up.
Bannerghatta Road is another great place to invest as it offers an easy access to the city. With roadways and public transport connecting it to every major part of the city, this area has also seen an exponential growth by the major Realty players. This area offers numerous recreational facilities with shopping malls and food joints. The nearness of hospitals and medical facilities houses makes it a comfortable zone for homebuyers to settle down.
Another great place which has garnered the interests of NRIs over the years is the Sarjapur Road. It houses one of the biggest IT hubs in India and is blessed with premium and luxury apartments and villas, with open and green spaces for recreation.
These are a few places which NRIs can look into when they ponder over the real estate investment opportunities in Bangalore.
What does the Future hold?
The future of real estate investment in Bangalore is pretty strong, not only for NRIs, but for homebuyers too. In the past 5 or 6 years, the Bangalore Realty sector has witnessed a 33% growth, and so it’s safe to assume that the upward trend will continue. With premium and affordable rapidly completing and the new residential and commercial property launches, the NRIs have a good inventory to chose from.
Also, with a lower rupee cost in the global markets, NRIs can surely bag amazing deals for a far lesser price as compared to their present resident country. Thus, for NRIs the future looks bright, if they wish to invest or settle in Bangalore.