NRIs are looking to buy houses in India, propelled by the rupee’s depreciating value against the US dollar and the buoyancy of the real estate market. Hyderabad, National Capital Region (NCR), and Bengaluru are NRIs’ top three favourite destinations for investing in a property, revealed a joint survey report by CII-Anarock. The report suggests that at least 60 per cent of the 5,500 respondents are inclined to buy a home in one of these cities.
Of the respondents, 22 per cent said their top city choice for buying a house would be Hyderabad. This number stood at 20 per cent for NCR, while 18 per cent of the respondents picked Bengaluru. Over half of the respondents (54 per cent) wanted to invest in 3BHK houses; 23 per cent said they would want to go even bigger, preferring 4BHKs. The demand for larger houses seems to have increased since the pandemic hit. The fact that in a pre-Covid survey, 40 per cent of NRIs wanted 2BHKs is a testament to this. This time around, 77 per cent of those surveyed wanted bigger homes, Business Today reported.
The number of NRIs preferring to park their funds in real estate instead of stocks, gold, and FDs has also risen considerably from pre-Covid levels. The number now stands at 71per cent, up from 55per cent of pre-pandemic levels.
Offering a potential explanation behind these trends, Prashant Thakur, Sr. Director & Head – Research, Anarock Group, said, “despite the worst of Covid-19 now in the past, NRIs have clearly not forgotten the uncertainties associated with living in a foreign country during a major pandemic.”
Thakur added that securing homes in India remains a priority for Indians worldwide. In addition to domestic homeownership sentiment, the falling rupee value against the US dollar has also given NRIs a unique edge in the market.
It is interesting to note that several NRIs have the desire to shift back to India and actively utilise the homes they have bought or will buy. Economic and political uncertainty in the international arena due to the recessionary forecasts brought on by the Russo-Ukrainian war, as well as the Indian economy faring comparatively better, could be reasons for pulling NRIs back home.
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