Bengaluru is the top choice for non-resident Indians (NRIs) looking to buy property in India, according to a survey by proptech unicorn NoBroker. Of the 12,000 NRIs surveyed, 29% expressed interest in buying property in Bengaluru, while 24% were looking at Mumbai and 18% in Hyderabad. NRIs feel more secure in their home country and Bengaluru provides the desired lifestyle, despite infrastructure challenges, said Kishore Jain, chairperson of CREDAI. Safety, security, and transparency were cited as major factors driving NRI interest in Bengaluru, with 57% of NRI buyers looking to purchase property for their own use.
BENGALURU: Within India’s real estate market, Bengaluru strikes a special chord with Non-Resident Indians (NRIs). A recent survey by proptech unicorn NoBroker found that the city was the top draw among NRIs seeking to buy property in India.
Of 12,000 NRIs who participated in the survey, 45% said they are looking to buy property in India. They were asked in which of six cities — Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, and Pune — they were looking to buy in.
While 29% of the NRIs were interested in buying property in Bengaluru, 24% were looking at Mumbai, and 18% in Hyderabad.
Kishore Jain, chairperson of CREDAI (Confederation of Real Estate Developers’ Associations of India), emphasised that the geopolitical situation worldwide is prompting NRIs to invest in properties in Bengaluru, “NRIs feel more secure in their home country, and Bengaluru provides the desired lifestyle. Despite infrastructure challenges, the city remains an accepting and safe haven. These aspects serve as a driving force for NRIs opting to invest in Bengaluru properties.”
When Bengalureans Amita and Priyansh shifted to the US a decade ago, they never thought they’d be returning to India. As IT professionals, they expected to have a better career and lifestyle in the US. Now, all they want is to buy a house in the Silicon Valley of India. “While we moved out of the country in search of a better lifestyle, it never felt like we were at home. We want to go back to our homeland with our children. Bengaluru has everything we need to feel like we are at home, and to live a peaceful life,” they said.
Kishore said north Bengaluru is the most preferred among NRIs.
Koshy Varghese, director of VDB Property Venture Ltd, pointed out that the safety and security Bengaluru offers to NRIs is among the major driving forces. “In the southern part of India, Bengaluru has an edge when compared to other cities. The safety the city offers is unparalleled. There is an amount of trust and transparency with the city as well, which makes it an ideal place for NRIs to live in,” he explained.
According to NoBroker, 57% of NRI property buyers said they were looking to purchase property for their own use, while the remaining 43% revealed their intent to make a purchase for their family residing in India.
Most of the NRI buyers are from the UAE and US, and 37% of them work as IT/technology professionals, said Saurabh Garg, co-founder and chief business officer of NoBroker. “In recent years, India’s real estate landscape has witnessed a significant surge in interest from NRIs. This is chiefly driven by a confluence of factors such as increased rental yield, continued depreciation of the Indian rupee, favourable government policies, and the resilience shown by the real estate sector in the face of adversity. It’s important to emphasise that real estate has consistently proven to be one of the best investment vehicles for achieving attractive returns,” said Garg.
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