Dubai, United Arab Emirates: The real estate market in India, more specifically in South India, is seeing a remarkable increase in investment suggesting a recovery in the market. NRI investments in particular have captured a significant share of the market. Multiple factors attract potential customers from abroad, including low mortgage rates, attractive offers, availability of houses on the market and attractive prices.
When the pandemic hit the world, a mass lockdown led to a slowdown in the domestic market with businesses closing and a blow to the economy. While selling levels hit an all-time low, lower prices caused some fluctuation in property market performance as some opportunistic buyers took advantage of market weakness. But a remarkable phenomenon has been noted during this period – investments by NRIs (Non-Resident Indians) have doubled in the Indian real estate market. A recent study confirms the finding that the percentage of recently booked properties in India have been made by NRIs.
As the pandemic hit and lockdowns were imposed across countries, people had to stay indoors and self-isolate. This is when the urge to own property in their home country surfaced among NRIs. There is no denying that owning a home in one’s own country has an emotional tangent and acts as a safety net as a long-term investment. This was evidently visible when NRI investments doubled during the pandemic in India. In addition, increasing medical costs in foreign countries while staying away from family support may also have triggered the desire to have a home in the home country.
As CASAGRAND has recently launched its CASAGRAND Galileo project in the KR Puram of Bengaluru, consisting of 104 exclusive high-rise apartments, the community is nestled amidst 1.6 acres with 17,000 square feet of lush green landscape. The fact that the project was sold on the day of its launch speaks volumes about CASAGRAND’s market presence and value.
Similarly, many CASAGRAND projects in Chennai and Bengaluru are on the verge of being sold. Projects like CASAGRAND FirstCity, CASAGRAND Athens, CASAGRAND Utopia, CASAGRAND Zenith in Chennai, CASAGRAND Orlena, CASAGRAND Boulevard in Bangalore, CASAGRAND Cosmos in Coimbatore etc. receive good responses from NRI homebuyers. These projects are in prime locations and offer the best return on investment, offer a plethora of features and amenities.
According to a recent report, a property search portal noted that there has been a 254% increase in applications for loans to move into NRI homes since March 2020. There has been a surge in interest in loans to move in. -in projects that offer various amenities and that are redesigned according to the current requirements of working from home. When selecting properties in India, NRIs are now more inclined to select credible property developers who have a track record of delivering quality projects on time.
South India has always been the investment hub in the real estate market owing to the prime location of the IT sector, which further paves the way for higher rental yields, timely completion of projects, reasonable prices and accommodation options in all segments. A vibrant professional class, a well-developed business ecosystem and a favorable investment market are other reasons for the increased investment in the region by the NRIs.
NRIs are further drawn to investing in property in the Indian market for many reasons, the first being an emotional factor. Owning a home in one’s own country feels like a safety net for NRIs looking for investments, especially during the current pandemic period.
Now comes the question, is this really the ideal time for NRIs to invest in property in the Indian market? The answer is quite simple – YES! The fact that the Indian currency has seen a recent depreciation is one of the main reasons to invest in the Indian property market. NRIs don’t have to shell out a fortune now to secure property in India. Lower prices, more transparency and a more regulatory system have created an opportune time for NRIs to invest in the Indian property market.
CASAGRAND, established in 2004, is an ISO-certified real estate company committed to building aspirations and creating value. Over the past fifteen years, the company has developed over 22 million square feet of prime residential real estate in Chennai, Bengaluru and Coimbatore. More than 18,250 happy families in more than 110 iconic properties testify to the company’s commitment. In line with the philosophy of creating superior living spaces that reflect one’s beliefs. In the sixteenth year of the company’s journey, Casagrand is poised for further progress with projects worth more than 6500 crores in the pipeline with enduring value, integrity and quality.
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© Press Release 2022