Delhi-NCR Ranks as the Second Preferred Home Destination for NRIs: Discover Why Noida, Delhi, Greater Noida, and Gurugram Are Attracting More Homebuyers

The recent CII-Anarock Consumer Sentiment Survey revealed that NRIs have a strong preference for luxury homes, with Delhi-NCR emerging as their second favorite spot for investing in real estate.

The National Capital Region (NCR) of India, comprising cities like Delhi, Noida, Greater Noida, and Gurugram, has long been a hub of economic activity and cultural diversity. Over the years, it has also emerged as a highly sought-after real estate destination, not just for local homebuyers but also for Non-Resident Indians (NRIs). Recent statistics reveal that the Delhi-NCR region has secured the second spot in the list of preferred home destinations for NRIs. Let's delve into the factors that have contributed to the growing interest of NRIs in investing in properties in Delhi-NCR.

Many non-resident Indians (NRIs) have diverse opinions about where to invest their money, but a significant 63% of them are interested in buying properties priced between 90 lakh to 1.5 crore rupees. According to a survey with 5,500 participants, the top three favored destinations for investment among NRIs are Hyderabad, the National Capital Region (NCR), and Bengaluru. Specifically, 22% of NRIs selected Hyderabad, 20% chose the NCR, and 18% opted for Bengaluru.

Amarjit Bakshi, the CMD of Central Park, explained why the National Capital Region (NCR) became the second most preferred choice for NRIs in the Anarock Survey. He stated that the high preference for larger homes by more than three-fourths of NRIs reflects the growing desire for owning a good quality lifestyle in the region, particularly in Gurugram.

He further mentioned that the decrease in the value of the rupee has benefited NRI investors, leading them to prefer investing in the real estate sector instead of stocks, fixed deposits, or gold. Besides the ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs), who have a strong preference for spacious homes with luxurious facilities, excellent hospitality, and a natural environment, NRIs will also be significant buyers of high-end properties in Gurugram. This city has consistently been a top choice for investors due to its promising returns on investment.

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The Falling Rupee Value Attracts NRIs to Invest in India

The falling value of the Indian rupee has sparked more interest among Indians living abroad to invest in their home country. Despite increasing interest rates on home loans, the demand for residential properties continues to grow. It was expected that this demand would decrease due to the higher interest rates.

Regarding the NCR region, which has seen investments from both private equity firms and NRIs, Ashwani Kumar from Pyramid Infratech mentioned, "The recent survey by CII-Anarock showed that 20% of NRIs are planning to buy homes in the NCR. At the same time, another report indicated a significant rise in private equity investments in the real estate sector. This demonstrates the attractiveness of the region, and the fact that NRIs are looking to purchase homes for long-term investment highlights how the NCR is gaining global attention as a real estate hub, attracting interest from various immigrant groups."

On the other hand, the focus on improving international connections and leading big infrastructure projects has created ample opportunities in both residential and commercial real estate development," he added.

The idea of working from anywhere, which became popular during the pandemic, has led to many NRIs considering a move back to India. A large number of them are from the US, Canada, Gulf countries, Europe, and various parts of Asia.

Echoing similar sentiments, Ashwinder R Singh, CEO of residential Bhartiya Urban, mentioned, "The NCR region has caught the attention of NRIs, especially when it comes to investing in homes. Noida and Greater Noida, two major cities in the NCR, have seen significant interest from NRIs as they are being carefully planned and developed. Properties priced at 1 Crore and below are available in the market and prove to be a good, long-term investment for NRIs. A considerable number of NRIs, mostly from mid-income groups working in countries like the UAE, are investing in retirement homes, planning to settle in India later in life."

The survey has also delved into the reasons why NRIs are choosing to invest in NCR and other cities. It aligns with the mid-year research reports that suggest a significant number of NRIs are interested in ready-to-move luxury apartments, condos, and homes.

“Read Also: The Complete Guide for NRI Real Estate Investment in India”

Conclusion:

Delhi-NCR has emerged as a dynamic and sought-after destination for NRIs and homebuyers, offering a harmonious blend of urban sophistication, thriving business opportunities, and a modern lifestyle. As these cities continue to evolve and flourish, they are set to redefine the real estate landscape and play a pivotal role in India's journey towards urban development and prosperity. With its rich tapestry of opportunities, Delhi-NCR stands as a testament to the nation's growing prominence on the global real estate map.