Real Estate

The top Indian cities for NRIs to invest

Indian real estate has always drawn the attention of Non Resident Indians (NRIs) simply because it is their country of origin.

Now, the appeal of realty in India is improving as a form of investment as well. With RERA and demonetization promising to boost transparency in the sector, owning properties in India has never looked this good before.

Investing in realty, however, can be a little trickier when the buyer isn’t physically present. Although a lot of recent technological advancement such as virtual and augmented reality has made property buying simpler for NRIs, choosing the right city and location for the investment still requires considerable research before committing.

If you are an NRI looking for options to invest in Indian real estate, here are a few cities you could consider.

Mumbai

This bustling city continues to grow exponentially and due to this sole reason growth in peripheral areas is expected to be significant.

Where to invest?

    Thane

    Navi Mumbai

Why?

Thane and Navi Mumbai, especially, have increasing employment opportunities which, in turn, are driving the demand for residential realty.

Thane finds inclusion in the smart cities list and enjoys excellent infrastructure. Its connectivity to central Mumbai is heartening. Average price per sq. ft in Thane East is Rs 11368 and Rs 11260 for Thane West.

Navi Mumbai, on the other hand, is touted to be a very well-planned city with exceedingly good transportation and the International Airport under construction will only serve to boost property prices upon completion. Average property prices can range from Rs 17659 per sq. ft. for high-end locations to Rs 3316 per sq. ft. for affordable locations.

Hyderabad

Hyderabad is fast becoming the major IT hub in the country.

Where to invest?

    Gachibowli (Average price per sq. ft. - Rs 4150)

    Manikonda (Average price per sq. ft. - Rs 3141)

Why?

Gachibowli and Manikonda, in particular, are areas that will have significant growth in the foreseeable future.

Gachibowli is a particular favourite of IT employees who work in nearby areas. The infrastructure here is on the upswing and it is close to the international airport.

Manikonda is also driven by demand from the IT sector. It is considered a fast-growing affordable locality. Connectivity from both areas is reasonably good and continues to improve.

Bangalore

Bangalore continues to be a draw for IT/ITES employees with its pleasant weather and steady real estate market. Social infrastructure in the city is growing, and connectivity will reach greater levels with the completion of the next phase of the Metro system.

Where to invest?

    Kanakapura Road (Average price - Rs 5131 per sq. ft.)

    Hennur Road (Average price – Rs 5442 per sq. ft.)

    Sarjapur Road (Average price – Rs 5172 per sq. ft.)

    Bannerghatta Road (Average price – Rs 5403 per sq. ft.)

Why?

These are upcoming areas with developing infrastructure and connectivity. Kanakapura Road, in particular, is benefiting from easy access to the Outer Ring Road, the NICE Road, and now, the Green Line Metro.

Chennai

Chennai realty is considered a safe investment simply because of the fact that there’s continuing demand for homes driven by the impressive industrial mix including technology, automobile, healthcare and manufacturing sectors. Areas in the southern part of the city are touted to be fast growing.

Where to invest?

    Grand Southern Trunk (GST) Road (Average price – Rs 4099 per sq. ft.)

    Outer Ring Road

    Vandalur (Average price – Rs 4578 per sq. ft.)

Why?

With good connectivity and growing infrastructure, these areas offer something for everyone.

Ahmedabad

Ahmedabad has seen a recent surge in employment opportunities. This has led to an increase in demand for residential property. Infrastructural improvements have also enhanced accessibility to peripheral areas. The government has made the city investor-friendly through features such as low entry points, transparency and ease in procedures and incentives designed to attracted investors.

Where to invest?

    SG Highway (Average price - Rs 3536 per sq. ft.)

    Gota (Average price - Rs 3193 per sq. ft.)

    Prahlad Nagar (Average price - Rs 5378 per sq. ft.)

    Bodakdev (Average price - Rs 5739 per sq. ft.)

    Maninagar (Average price - Rs 3947 per sq. ft.)

    Thaltej (Average price - Rs 5366 per sq. ft.)

Why?

Emerging areas with opportunities for sustained growth in the future.

After the alleviation of fears of a slowdown, Indian real estate is well poised to rise to new heights. This is a great time to buy property irrespective of whether it is intended for residential purposes or as investment avenues.

 

This article is contributed by RoofandFloor, part of KSL Digital Ventures Pvt. Ltd., from The Hindu Group

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Printable version | Jul 7, 2020 3:12:23 AM | https://www.thehindu.com/real-estate/the-top-indian-cities-for-nris-to-invest/article19790861.ece

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