NRIs constituted important segment of buyers and investors in realty market. Currently, many NRIs are returning to India from overseas. Making investments in Indian real estate market is profitable. They are well aware of the fact. In this backdrop, what would be their inclination to buy which kind of properties in Indian market? What would be their priorities?
Earlier when there was no Internet facility, several developers resorted to gimmicks like launching NRI projects. In some of them the properties were sold exclusively for the NRIs. However, developers used to market the properties unleashing advertising campaign that their neighbors would also be high-profile NRIs and used to sell the properties at higher prices. In the absence of Internet, the NRIs did not know what was happening in the market. Consequently, they shelled down heavy price for the properties. But, the NRI projects policy of builders has bombed.
Currently, many NRIs are young fellows and they have full understanding of technology. Therefore, they would be able to see through the happenings in the Indian real estate market from the foreign shores. They are able to see through the gimmicks that the builders play. In 2023, the NRIs are going to play a big role in buying residential properties, according to a prediction by the real estate consultant JLL.
NRIs buy properties in India for capital appreciation and with an eye on rental market and to use homes for their personal purpose upon returning to India. Currently, the NRIs are buying properties in good projects. The same trend is likely to continue in 2023 too.
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