Bangalore tops in terms of NRI investments in real estate, giving all the reasons to the realtors to focus on this segment of buyers from across the world. A latest study by Associated Chamber of Commerce and Industry of India (ASSOCHAM) indicates that investments by NRIs are expected to surge by 35 per cent in this year, against 18 per cent in the last fiscal.
NRIs are aware of the uncomplicated government policies in Bangalore and have been optimistic about investment-friendly markets in various fields here. Real Estate is one of the fields that has managed to gain faith of the Indians living across the globe. NRI property buyers have shown fervor inclination towards high-end residential and commercial properties in the city. Bangalore, a cosmopolitan city with the diverse migrants contributing to multiple ethnicities to the city, enticed the interest of the NRIs. Indians residing primarily in Middle East, US, Singapore, Australia, UK, Canada and South Africa have put forth constant enquiries to the realtors for better deals.
The vital factors that drive NRIs to invest in Bangalore's property market are:
- Great IT environment and start-up ecosystem- The booming IT sector and burgeoning start-up culture in Bangalore has attracted investors from around the world. It has the largest concentration of leading Multi-National Companies. These growing companies in Bangalore provide lucrative job opportunities to NRIs who plan to settle in the city.
- Top destination for returning NRIs- The city provides entrepreneurial opportunities to NRIs who are considering returning to India. The admiring and controlled weather conditions make the city a preferred destination over other cities. The most culturally diverse city makes a better option to experience the traditional Indian ethos.
- Availability of good infrastructure- Exponential growth of infrastructure in the sectors such as health, education and real estate also contributes positively towards influencing NRIs to invest in the property market. The demand has also shifted from mid-segment housing to luxury housing in Bangalore. The accessibility to have a comforting life helps them stipulate their lodge in the city.
- Comfortable quality of life- Life seems to be at ease in Bangalore with less strenuous weather conditions. People enjoy life with domestic helps, chauffer driven cars and considerate importance at the work place.
- Education hub- Bangalore has always been known as a haven for students, with several nationally ranked educational institutions in the city. This, coupled with ample job opportunities, has led to a steady demand for apartments on rent in Bangalore; especially in areas such as Electronics City, Whitefield, the ORR corridor, and a few areas in North Bangalore.
NRIs have been readily acknowledged by our Indian developers. Various property shows and exhibitions have been organized to address the cash-rich NRI clientele by big and small real estate builders. Realtors also have expanded their existing distribution chains and have entered into strategic partnerships to encourage this pattern of investment in the Indian property market. This has definitely outlined the growth of the sector in the coming years. Realtors hope to converge in the rise of the global economies.