In a recent survey conducted by proptech unicorn NoBroker, Bengaluru has emerged as the premier choice for Non-Resident Indians (NRIs) seeking to make strategic investments in the Indian real estate market. A comprehensive examination of the responses from 12,000 participating NRIs revealed that an impressive 45% expressed a keen interest in acquiring property within the Indian subcontinent. Delving into the specifics of this preference across six major cities—namely, Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, and Pune—underscores Bengaluru’s prominence, with 29% of NRIs indicating a distinct inclination towards this dynamic city. In comparison, 24% considered Mumbai, and 18% explored opportunities in Hyderabad.
Kishore Jain, Chairperson of CREDAI (Confederation of Real Estate Developers’ Associations of India), expounded to TOI that global geopolitical conditions are serving as a catalyst for NRIs to channel their investments into Bengaluru. He emphasized that NRIs perceive a heightened sense of security in their home country, with Bengaluru offering an appealing lifestyle despite its infrastructure challenges. The city retains its reputation as an inclusive and secure haven, a sentiment driving investment interest among NRIs.
The survey unveiled North Bengaluru as the most favored location among NRIs, with safety, security, trust, and transparency identified as pivotal factors influencing their choice. Bengaluru’s allure extends beyond a mere investment opportunity, as NRIs express a desire to return for personal use, underscoring the city’s status as a comfortable and secure place of residence.
The comprehensive survey also sheds light on the nuanced preferences of NRI property buyers. Notably, 57% of NRI property buyers intend to procure property for personal use, while 43% plan acquisitions for their families residing in India. A majority of NRI buyers hail from the UAE and the US, with 37% actively engaged in the IT/technology sector.
Saurabh Garg, Co-founder and Chief Business Officer of NoBroker, attributes the escalating interest of NRIs in India’s real estate sector to a confluence of factors. These include heightened rental yield, the depreciation of the Indian rupee, favorable government policies, and the real estate sector’s resilience in the face of challenges. Emphasizing the consistent track record of real estate as a lucrative investment avenue, Garg underscores its historical performance in delivering attractive returns.
The survey findings underscore Bengaluru’s ascendancy as the preferred destination for discerning NRIs, accentuating the city’s enduring appeal and investment magnetism within the global diaspora.
