The current pandemic has paved way for a lot of NRIs returning to their home countries. This has led to the need of owning a house in their native countries.
With a weaker rupee and lower interest rates for housing loans there has been a surge in NRI investment in real estate sector according to the data available with NoBrokers.com.
To understand the trend of NRI home buying activity amid Pandemic, NoBroker.com surveyed 700 NRIs using phone and email interaction. Through this survey it observed that the NRI’s prefer larger homes in integrated townships, which offer lifestyle features similar to what they have experienced while being expatriates in a foreign country.
This populace is either investing in ready-to-move properties which reduce the construction risk. The survey data shows 40 per cent growth in interest in gated community in past one year in Mumbai city. As gated communities offer more security, ease of living. Nowadays, due to the pandemic that has spread, safety is paramount and gated communities are more in demand not just by NRIs but even by non-NRIs.
Amit Agarwal, Co-Founder & CEO, NoBroker said, "Ever since the first wave of the pandemic, we have observed an increase in interest from the NRI community. Initially, it was due to the safety aspect as India was one of least hit companies in the first wave and later also because the government announced many policies and measures that made home-buying more affordable. Weakening of the rupee added another shot in the arm for NRI buyers."
"Most NRI buyers are looking for a society accommodation due to the security and hassle-free living offered through society apps and also because these units are easy to rent out if end use is not the current priority. It is easier to do research on the project and the builder especially when one cannot physically visit to ascertain quality and credibility. Given the push by the government and the builders to revive the industry, this surge is estimated to continue throughout this year."
The NoBroker.com survey results further shows, in Mumbai, the preferred average ticket size ranges from 70-75 lakhs for 1BHKs; 1.2 to 1.8 Cr for 2BHKs and 2 Cr and upwards for properties with 3BHKs and more. Also, the platform has observed maximum demand from buyers in the USA.
An NRI homebuyer named Nigama Varshney says, "It was a great experience using NoBroker for buying property in Mumbai. Compared to rent, there are many more questions and doubts when the decision is about buying the property. The platform helped us make the decision. We wanted to buy a house in Mumbai since we plan to return to India a few years later. Property prices have stabilised now and hence we took the decision to go for a gated community with amenities for us and our kids."